It is no surprise when we say that 2020 has been a year full of challenges. Just when we all thought we had seen the worst of it, another hit came. The real estate industry is not different than anything else and it was also impacted. Real estate investors like Paul Daneshrad have seen the ups and downs of the market over the years, but this year has been different than many others.
In some ways, as much as things change, they remain the same. Keep that in mind when looking at what seems to be a bleak housing market. People will always need to buy houses. They will always sell houses. In times when houses may not seem to be moving, do not worry, they will again. The pandemic should not necessarily stop your plans or prevent you from doing what you wanted to do. The pandemic should, however, keep your eyes open and understand what areas are strong right now. For example, the cities may not be doing well right now, but the suburbs and even more rural areas are.
Right now, mortgage rates are low, which tends to encourage people to buy houses or at least refinance the ones they have. In some areas, real estate has picked up. We can guess that the pandemic has caused people to rethink their current housing situation if they can. They have spent a lot of time in their houses and they want it to be somewhere that is comfortable, welcoming, and safe. Rental and vacation property is expected to pick back up if they have not already. People are ready to get out of their homes and start to travel, in some capacity, again. While the pandemic has hit some incredibly hard, and we see the impacts of it, real estate will have no problem bouncing back.