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5 Expert Predictions for the Post-Pandemic Real Estate Industry
Real estate experts, just like those from other businesses, are trying their best to figure out the current situation and predict what is yet to come.
The pandemic created a dynamic that has baffled everyone in virtually all aspects of the real estate industry. Some prefer to remain cautious and avoid any harsh measures. Others, however, maintain that realtors should act swiftly or risk putting their business in irreversible conditions.
Here are top five predictions by some of the big names in the real estate industry:
1. Joanne Kaufman, The New York TimesJoanne sees an accelerating drop in home-buying due to the limitations imposed on activities in public. She asserts that more and more buyers will stay home to avoid any further financial strains.
Also, she forecasts a trend in out-of-town housing. With cities and their downtowns hit hard by the pandemic, more folks will want to buy a place outside of the crowded areas.
2. Diana Olick, CNBCShe speculates a 35% decrease in property values and even more in areas with more adverse effects from the pandemic, like NYC and California.
The driving force behind the decline in values, in her opinion, is the loss of consumer confidence, given that their savings have been challenged by lockdowns and ... more
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