The real estate market is a volatile one, and it can be difficult to predict what’s coming next. With the current pandemic, there is a lot of uncertainty in the real estate market and many are wondering what to expect in the near future.
The most likely scenario is that the real estate market will experience a short-term crash and then rebound over time. The crash is likely to be more severe in some areas than others, depending on the local market conditions. The most affected areas will be those with a high amount of oversupply, such as cities that have seen a lot of new construction in recent years.
In the short-term, there will be a decrease in demand for real estate as people are unable to move due to the pandemic. This will lead to a decrease in prices, as there is less competition for properties. This could benefit buyers, as they will be able to purchase properties at lower prices. However, sellers may struggle to find buyers and could be forced to lower their asking prices.
In the longer-term, the real estate market is likely to rebound. As the pandemic subsides and people begin to move again, demand for real estate will increase and prices will start to rise. This will benefit both buyers and sellers, as prices will start to increase and there will be more competition for properties.
Overall, it is difficult to predict what the real estate market will look like in the near future. It is likely that there will be a short-term crash followed by a rebound, but the exact timing and severity of the crash is impossible to predict. The best thing to do is to stay informed and be prepared to take advantage of any opportunities that arise.