In the year since COVID-19 infiltrated the world, the real estate industry has proven its resilience against the deepest of disruptions, NAR President Charlie Oppler says. âSome of us wore hazmat suits, and we didnât even know what a mask wasâbut we all wore a mask,â Oppler recalls in a fireside chat-style video with NAR Chief Storyteller Janelle Brevard, the first in a quarterly âPresidential Updateâ series.
The market continues to change rapidly even as coronavirus vaccines start to bring our lives back to normal. Record-low inventory remains a formidable challenge, but NAR is working on several initiatives to boost housing production and bring much-needed relief. Oppler lays out those measures in the video. (And hereâs what you can do to help clients in a low inventory market.) Other market dynamics to be aware of:
Homebuying trends are morphing. Itâs not just about urban dwellers fleeing city centers for the suburbs. Now vacation homes are the new primary residence as buyers seek more space and isolation. âSight unseenâ offers pose legal risks. With some buyers purchasing homes from afar, what happens if the property doesnât meet their expectations in real life? NARâs legal team has some advice to limit surprises. Sanitation technology is the new frontier. Homeowners and commercial property managers are eyeing âcleanâ tech to keep their spaces sterilized and reduce the spread of harmful germs. See new products promoting healthier living. Vaccine protocols for the office. Should real estate companies have a health and safety policy? Learn your options.
In a bonus video, Oppler discusses the advocacy wins NAR scored for members in the latest COVID-19 rescue package. âThe first stimulus package [in 2020] was really just to make us feel good that the world wasnât going to end,â Oppler says. But the latest funding, which NAR worked closely with Bidenâs economic team to develop, aimed âto make sure the real estate industry was covered at every level.â
For more insights on the pandemicâs impact on the industry, bookmark nar.realtor/coronavirus. And if youâd like to stay on top of the latest news about real estate and COVID-19, make sure youâre subscribed to REALTOR® Magazineâs Daily News e-newsletter.
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