How COVID-19 Has Affected Real Estate And The Housing Market
The best time to buy or sell a home is considered typically as spring, but this year, due to COVID-19 pandemic, real estate transactions are almost halt. It has been almost 2 months since first case in Turkey has been seen but as the number of COVID-19 cases increases exponentially each day, stocks have dropped, businesses have closed, unemployment has risen, and millions of people have been mandated to stay at home. With the uncertainty surrounding our current situation, it’s no surprise that the housing market has also taken a substantial blow.
If you were planning to buy or sell a home now and are unsure of where you stand, you’re not alone. As governments continue to enact new rules for our new reality, it’s hard to know what to expect. To help you make sense of what COVID-19 means for the housing market, we’ve gathered the some information to help you understand this unusual situation and get going.
How Governments City Mandates Are Impacting The Real Estate Industry
Real estate transactions typically require many in-person interactions from visiting projects or houses and showings to appraisals, inspection and closings. As more cities enact shelter-in-place orders, there has been an extreme amount of confusion surrounding the real estate industry. Since the transportations are forbidden between cities and social distancing becomes very important, people have been told to run their jobs from home or stop it temporary. While supermarkets, pharmacies, banks, transportation and healthcare facilities clearly fall under the category of essential, there is little consensus as to whether or not real estate services should qualify.
Since all kinds of travel has been restricted by government, especially international real estate market has been halt.
It seems like that after Ramadan month, the life will start to get back to normal slowly as President Mr. Erdogan has declared.
For sellers who have kept their homes on the market, their behavior has become increasingly cautious.
What To Expect From The Future Housing Market
Although there are some closings currently taking place throughout the country, the number of transactions has been greatly diminished by both the virus and orders to stay at home.
Appraisers and inspectors have struggled to gain access to homes, and government offices have closed their doors, making crucial aspects of the closing process challenging to complete.
The spring selling season will not reflect the vitality it has in previous years.
Most sellers will choose to hold off before putting their homes on the market, but those who cannot wait will list now and show their homes virtually.
While the extreme shift in the industry seems alarming, the future may not be as bleak as some expect.
The life continues and we believe that there will be a really strong push for new properties hitting the market and buyers will lift the market after all these terminations and measures due to COVID-19 are taken down.
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