The effects of COVID-19 have profoundly impacted industries like real estate, trades, building inspection and pest control. As the lockdown is expected to last for at least a few more months, it is worth asking – what is the link between coronavirus and real estate?
To examine what could become of industries like real estate, as well as building and pest control, we must first look at what the current situation is.
The current situation
The real estate industry is fortunate as compared to other industries, as it has not had to fully shut down.
Similarly, businesses closely tied to the real estate industry, like building and pest inspection companies, are still operating also.
Many industries have had to change because of coronavirus and real estate is no exception. Agents have taken to using virtual tours to sell homes.
In the building and pest inspection industry, businesses are taking careful steps to maintain health and safety such as staff-only inspections.
Given the current economic situation, low consumer confidence and high unemployment, both these industries have seen a downturn.
For many, the COVID-19 pandemic has accentuated the belief that our homes are our most important possessions.
Most people are now confined to their homes. For some people, this is a blessing.
However, for others, this may cause a yearning to move somewhere new once restrictions are lifted.
Real estate websites are recording a double-digit increase in the number of people looking at homes to buy.
For others, spending so much time stuck inside may bring attention to faults in their home. Such faults can include rot, dilapidation and damage from pests such as termites.
One thing is clear, once restrictions are lifted everyone will be eager to get out and experience all the things they’ve been missing.
Given the record low interest rates and a surge in people seeking new places to live, it is likely that industries like real estate will bounce back strong.
And whenever real estate is strong, the building and pest inspection industry is also strong.