Social distancing and stay-at-home orders have negatively impacted virtually all U.S industries, with real estate being no exception. While low interest rates continue to bring many buyers to the market, many sellers remain hesitant to list their home during the pandemic.
As states progress through their roadmaps to recovery, businesses are slowly reopening, which is encouraging news for our country. According to the Washington Post, the economy gained 2.5 million jobs during May. This was excellent news because this is the first time jobs have been added since February. Much of this can be attributed to the opening of many states during the middle/end of May.
Real estate agents who have taken a proactive approach during the pandemic should be in a primed position for an influx of buyers in the coming weeks. Agents who have not already invested in their website, online lead generation and other marketing campaigns will likely be at a disadvantage from their competition. However, it is important to remember it is never too late to invest in your real estate business. No matter the circumstances, there will always be people looking to buy and sell homes in the U.S.
There are Americans who put their home search on hold because of job loss or because they didn’t believe now was a good time to purchase a home. As we progress into the summer, we should see real estate transaction totals continuing to climb as more restrictions are lifted. While we are nowhere near being out of the woods with COVID-19, there are positive signs that people should be optimistic about the residential real estate market.
