The real estate industry has been rocked by the COVID-19 pandemic, just the same as most other industries. Many people are curious about how the future of real estate is going to look once the dust settles. The experts have agreed that certain things are very likely to happen in the real estate market in the near future. Read on to learn about the future of real estate.
More Defensive Investments
You’ll find that people are going to be more likely than ever to want to make defensive investments. Real estate investments will increase because they are seen as a good defensive investment strategy. Many wealthy investors will be trying to invest in real estate to protect their wealth. Time will tell just how prevalent this trend will become, but it’s certainly going to happen.
Divorce Rates and the Need for New Properties
Divorce rates are skyrocketing due to people being forced to stay home with each other. This might sound comical or sad when you’re reading it at first, but it will have an impact on the real estate market. You’ll see an uptick in demand for properties due to families splitting up. This will definitely change certain markets, and you’ll see the real estate market in the US be boosted quite a bit.
People Will Look for Properties with More Space
After having to shelter in place for long periods of time, people are going to start to value space in homes. More people are going to start looking for large properties that offer more space than before. This could even be seen as something of a luxury in the near future. Spacious properties just might become easier to sell than ever because of the pandemic.
Digital Home Viewings
Finally, you can expect real estate to change the way that people are viewing homes. You’re going to see a major shift toward people viewing homes digitally instead of going to a bunch of different places to see things in person. Also, technologies such as virtual reality and augmented reality will play a role in showing people how appealing specific properties are. Things were moving in this direction before the pandemic, but they will move there faster because of what has occurred.