There has been a reduction in the labor force working on the real estate buildings, and supply chains have been disrupted; thus, the delivery of building materials is not done in time. The buildings’ construction has been stopped or stalled because the necessary offices to give approvals for the buildings are closed due to several government directives to cushion them against the effects of the pandemic. (Zhou, T. (2020). Real estate developers have also stopped most of their construction because they want to reserve their resources for future projects that may bring more returns when the pandemic effects have subsided. Some individuals who purchased their residential areas off the plan have experienced difficulties paying back their installments thud making the real estate projects experience more losses. The lockdown measures imposed by the U.S reduces the number of hours that people work in their residential offices, leading to their reduced income and eventually developing difficulties in paying their rent on time and paying the total amount due.
The pandemic has led to reduced incomes for people, and those who have purchased residential houses have difficulties paying their rent on time. The demand for housing has also decreased because people do not have the necessary incomes to pay for homes. The reduction in housing demand has led to the real estate reduction in housing prices to attract more customers to buy houses with rents that they can handle. (Zhou, T. (2020). Working spaces have also been left vacant because people have resorted to working from home to protect themselves and their families against the virus. The empty spaces make the real estate industry register losses since the investments are not registering profits and bringing as much income as they had been initially planned. Major hotels have been closed down to cushion customers and workers against the pandemic, resulting in losses in the real estate sector.
As the pandemic continues, the residential real estate has bounced back, and sales are slowly rising since it is more competitive for buyers. Homes are now selling quickly because people want to capitalize on the mortgage rates that have become lower than before. More listings for homes are coming up, and their sales keep dropping as the years go by. Homebuyers are now turning to new construction homes to deal with the fewer existing houses. (Pradhan, A. (2020). According to the forecast for the year 2021, home values will keep rising after being slowed down by the pandemic for some months. The pandemic has lessened homebuyers’ ability to build more homes because the is no sufficient amount of land to build more homes. However, housing affordability is influenced by the income that people get to enable them to afford the homes that they desire. Mortgage rates reduced due to the pandemic allow homebuyers to purchase homes at lower prices than before the pandemic.
Aum, S., Lee, S. Y. T., & Shin, Y. (2020). COVID-19 doesn’t need lockdowns to destroy jobs: The effect of local outbreaks in Korea (No. w27264). National Bureau of Economic Research.
D’Lima, W., Lopez, L. A., & Pradhan, A. (2020). Covid-19 and housing market effects: Evidence from us shutdown orders. Available at SSRN 3647252.
Del Giudice, V., De Paola, P., & Del Giudice, F. P. (2020). COVID-19 infects real estate markets: Short and mid-run effects on housing prices in Campania region (Italy). Social sciences, 9(7), 114.
Ling, D. C., Wang, C., & Zhou, T. (2020). A first look at the impact of COVID-19 on commercial real estate prices: Asset-level evidence. The Review of Asset Pricing Studies, 10(4), 669-704.
Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38, 101690.
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