Eugene Bernshtam Explains 2 Top Post-COVID Real Estate Trends to Watch for in 2022
The real estate realm is changing big way now after the COVID-19 pandemic, which had a global impact. Every one of the human beings was affected in one way or other due to these effects of this pandemic, which had changed the ways how people work, earn, move, learn, and even think about the future. This article will try to examine the top changing trends in the real estate industry in the year 2022 and beyond.
On major driver of these post-Covid trends is the fact that people started moving largely to suburbs from big cities. However, this development occurred even before 2020 but accelerated largely during the pandemic period and after. There were also many other major changes in the real-estate sector, which we have to keep a close eye on over the next couple of years.
Eugene Bernshtam explains changing real-estate trends
- Everything goes digital
Due to the restrictions in moving out and fear of pandemic spread, even many buyers in need purchased their homes online even without stepping a foot inside it. People started working remotely, buying things online, and the search for real estate properties also turned out to be digital. As a leading real estate consultant in the United States, Eugene Bernshtam hereby explains some of the new modes of virtual tours to enable this transformation as:
- 3D virtual tours of the properties.
- Drone videos and surveillance.
- Virtual staging (Google’s reports show that ‘virtual staging’ searches were increased up to 400% over the last couple of years.)
Many realtors were gone online and allowed the homeowners to list their offerings and also facilitate the mortgage options for the buyers online etc. 3D home tours and video reviews have become the standards in real estate marketing.
- From cities to the suburbs
The pandemic has also largely fueled the migration of people from bigger cities to suburbs. For example, the biggest metros like New York, Washington DC, San Francisco, etc., may likely rebound in another few years as people move firmly. There is a big real-estate trend of opting for suburbs over big cities, which may persist for another three to five years. Industry experts also think that there is a pandemic-fueled migration to suburbs, which may remain the same through the year 2025.
As per expert opinion, there are two major reasons for this shift: choice and necessity. The wealthy people are moving out to suburbs by choice, whereas those who are not able to afford the city spaces are making this choice out of their necessity. For example, those who lost jobs due to the impact of the pandemic cannot afford the prices of the metro and move to search for affordable real estate options in the suburbs. On the other hand, there are people who find serene suburbs more attractive as the taxes are low and also there is the availability of cozy living features as in cities.
The impact and effects of the pandemic are not fully unveiled, and we cannot yet say that the world is out of its threat. So, Eugene Bernshtam suggests that we watchfully wait to see how the economy and industries come out of its impact and how these may contribute to a further shift in the real-estate sector.