How Real Estate is Adapting to COVID19

There is no doubt we are in the process of experiencing a massive shift in our daily personal lives amidst the Coronavirus. This pandemic has certainly shaken up our routines and plans for the future, which is radiating through every market. The good news is that humans are adaptable and markets find ways to bounce back. It's happened throughout history and we trust it will do so again - We like to lean more towards optimism ;)

In the real estate industry, everything from how brokerages are operating, to how listings are being marketed and shown, and the ability to close transactions as efficiently as possible is requiring professionals to adapt to these extraordinary circumstances. Not just adapt, but also increase means of collaboration in order to support buyers and sellers with fulfilling their real estate goals and keep their life goals on course. The challenge is real, but not impossible. 

In the Portland, OR market and surrounding areas, such as Beaverton, Hillsboro, Tigard, Gresham, Milwaukie, & Clackamas, the market has slowed, naturally, but continues to see active buyers and sellers. Real estate agents are  taking precautions to limit physical access to home showings and open houses by providing virtual tours and webinars for potential clients. Virtual collaboration with lenders are also helping people get answers on financing and interest rates, which remain historically low. 

Many reports hold faith that the real estate industry will continue to hold the economy together. We don't claim to be economist and we certainly do not have a crystal ball, however, as we can see, the city continues to grow and it will remain a choice for people to either RENT property, or OWN it. New construction is maintaining its course to create more homes for buyers, which correlates well with the current trend of low inventory to meet buyer demand. With low interest rates and many people looking to buy, there is light at the end of this tunnel.  

Reducing the spread of COVID19 and protecting community is our number one priority. In the meantime, Our team at Apex Group can provide buyers and sellers with helpful DATA to support what is happening in the Portland area market. Contact us today to discuss your real estate plans and questions you might have about the state of the market in Portland. We are here to be a resource and support your real estate goals.