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Last updated on February 3rd, 2021 at 10:52 am
With the onset of the COVID-19 pandemic, many are out of work and worried about how to pay their rent or mortgage; those who still have jobs are stuck in place and worried about getting COVID-19.
Unless more emergency relief is forthcoming from the government, many of those fears will come true.
The real estate market is divided into 3 categories – single-family homes, multifamily housing, and commercial real estate.
While demand for suburban, exurban and rural homes keeps climbing, multifamily housing and commercial real estate both crashing.
In fact, there is predictions that commercial real estate may struggle for quite a while, as many people would be working from home.
In such a world, short commutes become much less valuable, while demand grows for square footage.
This would depress demand for office space and cozy, close-in apartments and activity for all the associated businesses that serve commercial cores.
Businesses will fail, Bankers and investors will have to retrench, making new projects harder to fund. Some local governments will have to rebuild their tax bases from scratch.
Homeowners in megacities, who have come to think of steady home price appreciation as a sort of natural law, may well see their biggest asset lose substantial value.
The rock bottom interest rates have led to an increase in the value of owner-occupied housing and many borrowers are rushing while the banks are offering a 15-year mortgage at 2% interest.
Reference Source: The Washington Post
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