The Covid-19 pandemic has put the world on a halt, economies and markets around the globe are plummeting and the real estate market at Portland, Oregon, is no different. The state of Oregon has restricted the movement of people to less than 250 people, and these movements are to taken under the guidelines of the World Health Organisation. The stock market has crashed, and all national sports, events and programmes have been cancelled until further notice. Educational institutions have been shut down, and corporate corporations are firing people in the hundreds. Businesses and manufacturing units are being opened slowly but will not be able to work up to their full potential. Labourers and daily wage workers have left the city and moved back to their homes making it difficult for the real estate and construction companies to go about their business, overall, most of the buyer are not leaving their homes making it impossible for builders and real estate agents to sell anything. It has become difficult for market experts to predict and decide the changes in demand, given the fact that there is no certainty about when things will be back to normal.
Real-time trends in the real estate industry
As long as the restrictions will be imposed it will be impossible for the market to achieve normalcy, the supply has not fallen, people are continuously listing their homes with agencies for sale, but there is no demand to counter this which is leading to a fall in the prices of these homes. Since the prices have fallen there is a short burst in the market to buy small and cheap homes. People who have been waiting for a long time to buy a home are finding it easy and straightforward to bargain with the agent for decreasing the cost of the house. The spread of the virus has made it difficult for people to come and visit the house which does not allow the agent to stall a customer and wait for a better offer, agents are more eager to make a sale than they ever were. Agents are only able to show empty homes, it is not safe to visit a family just for seeing the house. The fall in prices has made it difficult for builders and real estate companies to establish any control over the market.
In a nutshell
It has become complicated for realtors and agents to show houses, they are trying to maintain social distancing and take all necessary precautions before and while meeting the client. The agents carry ammonia sprays and use it to disinfect doorknobs and window panes. Shoes are to be left outside, gloves and boots are to be worn before entering, masks are to be worn at all times, making sure that the buyers and sellers don’t come in physical contact. Some homes have families living in them which makes it very difficult for agents to show the houses to the sellers.