Which real estate markets are the most affected by coronavirus
We are all aware of the current events and how bad the situation is. The coronavirus spreading is already having a massive impact on the world’s economy. A lot of people aren’t working and they don’t have any income. Plenty of businesses are going to be closed until further notice. There are no social gatherings, sporting events, and no schools. We all have to be distant from each other as this virus is spreading fast and we can’t really stop it if we continue to live like we used to. And it is exactly why all of this is happening. And a lot of people have started to feel the impact that the virus has on the whole world and it is only going to continue. We are here to tell you a bit more about which real estate markets are the most affected by coronavirus and what to expect in the future.
The commercial real estate market
As of now already, the commercial real estate market is one answer to the question which real estate markets are the most affected by coronavirus. This real estate market has already started to struggle. How come? Well, as businesses are closing down and not working until further notice, they don’t have any income. No income means no money for rent. The government is also considering canceling paying rent and bills while all of this is happening. To landlords, this is a nightmare.
Not only can people afford to pay rent but also there is a great decrease in sales being made. No business owner is thinking about relocating business and purchasing commercial real estate. This is all because of the virus and because of how unpredictable this whole situation is. People who are in the commercial real estate market world believe that even after this whole pandemic comes to an end, it will take this real estate market a long time to get back on its feet. They say that the prices will have to be lower as people don’t have any income. If they don’t lower the prices, a lot of businesses will have to be shut down. And this is a situation that is going to be very negative on the economy.
The housing market
The housing market still hasn’t been affected by coronavirus and its impact. People are still going through with purchasing new homes. But nobody can say that this won’t change. We aren’t aware of what is going to happen next and the housing market might also be affected by coronavirus in the near future. But as income is much lower, we can predict that there will be some impact but not how big it is going to be. So, if you were thinking about buying your dream home, it would be best to wait until this all comes to an end.