The coronavirus pandemic — and the current onslaught of viruses — has had a definite impact on the housing market and on the way consumers view real estate transactions. To keep pace with health and safety recommendations, many real estate teams moved from real-time to virtual viewings and closings. This shift made the buying and selling of homes more efficient for all parties, so many of these processes are here to stay.
The disruption to the housing market wrought by the coronavirus pandemic is still going strong and with it, hard times are looming for real estate agents. In fact, there are twice as many real estate agents as there are home listings, leading to an oversaturation of agents in the market. To make it worse, 20% fewer homes were being listed this spring as compared to spring of 2020, as more sellers worry about finding a potential home after selling.
The housing market was on hold for many months last year as the coronavirus pandemic forced new hardships on both buyers and sellers. Today, the market remains tight with demand for housing far outpacing supply.
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The COVID-19 pandemic has brought significant changes to both work and home environments, with more people working from home than ever before — and many families considering moves to less crowded areas of the country.
Real-estate agencies are part of one of the most competitive industries in the market. Due to their limited budgets, small real-estate firms face tough challenges when trying to compete against larger agencies with deeper pockets. Anything that can help them get ahead is a golden opportunity.