Although it’s been around two years since the beginning of the pandemic, COVID continues to keep a stranglehold on society. As active cases continue to rise and fall with new variants and more people are becoming vaccinated to protect themselves and their loved ones, one cannot deny the effect it still has on the world. The real estate market has not seen an end to the effects of the virus.
Commercial and Residential
Commercial real estate has, for the most part, bounced back from the initial effects of the pandemic. In the first few months, as expected, property values plummeted, and listings went down as employers were encouraging workers to stay home and not be present in the workplace. Though this blow was softened by virtual meetings, there wasn’t as much of a need for commercial space to set up shop in. As things have begun to reopen however, the commercial real estate market is picking up again. These spaces being bought up are being sought out for their social distancing accommodations and their improved ventilation systems.
Residential property has also seen an uptick as the world reopens more and more. In 2020, the future was still uncertain and potential homeowners didn’t want to take a leap of faith in such a big investment. Though as things have improved and cases drop, more people are open to the idea of buying a home and listings have seen a dramatic increase.
Although vaccination numbers continue to climb and people continue to respect guidelines and distance to prevent an increase in cases, real estate firms have still made it accessible for anyone to view their properties through virtual means. More firms are offering virtual tours of properties, where buyers can move around every angle of a property, both outside and inside. This way, they can see the appearance of the property for themselves in a safe and effective manner. Any questions they need answered about the property can be sent right over the agent for an answer.
CMC Group is one of the top luxury real estate developers in Miami and South Florida. Visit us online or contact us at 305-372-0550 today!