COVID-19’s Impact on Real Estate
Do you ever find yourself sitting in front of the computer, eyes frozen, and daydreaming about life before Covid-19? It crept in, swept us off of our feet. But instead of ending, it changed life as we knew it. A few obvious examples of the shift are in school, work, and social gatherings being moved to various online platforms. That being said, there are many not-so-obvious areas that are shifting as well. Today’s focus is how real estate has changed and been impacted.
Research shows that as of now, the demand for real estate is still high, therefore the prices of properties have remained stable. There is no foreseeable drop either and in fact with work still being very remote, people have been looking for new places in order to have a more comfortable home work experience. With that in mind, how do you keep distance laws and safety when searching for a new home? Well, with a little help from our friend, 3D virtual tours.
Pictures in real estate are a thing of the past. Why settle for pictures when you can have an interactive 3D virtual tour? This technology has been around for quite some time now and due to the current Covid-19 situation, real estate has adopted it as a new technique for expansion. Now, from the comfort and safety of your own home, you can find quality leads more efficiently and accurately. This new wave has made home buying/renting a much more fun and convenient process. Unlike pictures, this new technology allows you to see not only a complete layout of the space, but with clear details at every angle.
According to Matterport 3D tours (which makes up over 90% of the market)civ, not only do listings with 3D tours sell 31% faster but also at a 4-9% higher sale price. This technology is a sure fire way to set any listing apart and the statistics prove it. 48% of buyers from 39 to 63 prefer services who offer virtual tours and find it to be a “very useful” tool not just for our current situation, but in general. It appears that these changes, regardless of being forced or not, are happily accepted by buyers/renters. This provides a more trustworthy, comfortable buying experience, which in turn creates happy and successful sellers as a result. So now you can still sit and daydream in front of the computer, but this time of your new life in your new home!