The years 2020 and 2021 are years we will never forget, years whose progression was never planned by anybody. 2020 is the year that the coronavirus broke in the city of Wuhan in China. The pandemic has progressed to 2021 and has so many effects on the economy of the whole world. Many countries imposed lockdowns and many guidelines to curb the spreading of the virus. This forced many companies to develop means of working from home. This led to many people fleeing the major cities in many of the countries in the world, this is because the crowded cities had the most reported cases of the coronavirus. More people moved to the countryside where the population was not crowded and the areas had minimal coronavirus reports. In this article, we are looking at the trend the real estate has developed in 2021, in the middle of the pandemic.
- Home prices are rising.
Since the start of 2020, there has been less inventory in the real estate, more people were afraid of building new houses. This caused the prices of houses to increase, in the end, the demand for houses increased more than the supply.AS a matter of facts, the house prices to the history best in 2021.
- Mortgage rate reduced.
In the middle of the pandemic, most governments reduced the mortgage rates and since most people were unemployed, this has continued in 2021. It is not known when the mortgage rates will come back to their normal since the pandemic is around and threatening many lives.
- Virtual reality.
Now that most of the people were in lockdown, the buyers and the sellers had no means of interacting physically. They had to come up with a way to interact and do business. More so, they had to develop ways to display houses to clients, this would give buyers opportunities to view the houses virtually. This is where they agreed to work through the virtual reality method. This has made virtual reality usage in real estate growth. Most of the buyers had to use other agencies like the inspection agencies for the inspection of the houses. Inspection MCM an agency that will inspect new houses for you before purchasing. They will find defects for you in new houses that may be risky to the new occupants of the house.
- Smartphone apps.
Many real estate dealers have developed smartphone apps where their customers can reach them in this period of the coronavirus pandemic. This eases the communication of buyers and sellers through their platform anytime and anywhere.