What Real Estate Has to Be Grateful For in 2020

2020 has been a uniquely challenging year. With unemployment still above pre-pandemic levels, the country coming to terms with longstanding racial inequities, Americans worrying about natural disasters, a contentious national election and the COVID-19 pandemic still raging, people are searching for reasons to feel gratitude as the year draws to a close.

The housing market has emerged as an economic bright spot. While the nation continues to feel widespread effects from 2020’s turmoil, here are a few things the real estate industry can be grateful for this year.

Technology

With people forced to keep their distance during the pandemic, technology became real estate pros’ ally in keeping transactions moving. During state shutdowns earlier this year, real estate professionals increasingly relied on virtual and 3D tours, videoconferencing, augmented reality, automation, artificial intelligence and remote online notarizations.

New priorities

The coronavirus led homebuyers to reassess their housing situations and even reconsider home sizes and destinations. Buyers sought housing with more rooms, more square footage, and more yard space, as they may have desired a home office or home gym. They also shopped for larger homes because extra space would allow households to better accommodate older adult relatives or young adults that are now living within the residence.

Affirmation of a Realtor’s value

As Americans re-evaluated what they wanted from a home, they increasingly relied on real estate agents to guide them through purchase and sales transactions. According to NAR’s latest survey, 88% of buyers reported using an agent to purchase their home, and 89% of sellers used an agent to help with their sale.

Booming home sales

The housing market defied high unemployment and an economic recession, and it surged during the COVID-19 pandemic. Existing-home sales in October were 27% higher than a year ago, new-home sales were 32% higher, and pending home sales or contract signings in September jumped 20.5% annually.

December 23, 2020. Florida Realtors. What Real Estate Has to Be Grateful For in 2020.

Retrieved from: https://www.floridarealtors.org/news-media/news-articles/2020/12/what-real-estate-has-be-grateful-2020

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