October 11, 2020 – Source: Forbes/Peter Taylor – Amid all the uncertainty brought on by COVID-19 over the past six months, one thing is assured: the pandemic has re-ordered real estate markets across the board on an unprecedented scale.
Some of this may be irreversible. Real estate’s re-sorting this time isn’t just based on markets crashing (the Great Recession), political turmoil (the 1979 oil embargo), or financial speculation (the first and second dot.com busts)—after which there’s generally confidence that overall consumer demand and buyer preferences will sooner or later snap back to normal.
Thanks to the COVID-19 pandemic, more deep-seated, tectonic-sized questions beyond markets and interest rates are being asked this time around that no one really has the answers to yet—like will people feel safer living in the south and southwest where they can spend all year social distancing outside? What if companies let workers work remotely for the rest of their lives? Why go back to retail shopping when I’m already ordering everything online? What’s the point of living “downtown” if half of the restaurants, bars, and museums never open back up?
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