In December 2019, a new coronavirus called COVID-19 was discovered in China. Since its discovery, it has spread to countless countries around the world, including the United States. In order to help slow the spread of the coronavirus, states across the country have ordered the closure of non-essential businesses. While the orders were implemented to protect the health of Americans, it has had a major impact on businesses in every state, including real estate development. Real estate development professionals put together helpful tips to remember during the coronavirus outbreak.
Utilize Technology
While some portions of a real estate development project are likely on hold because of the coronavirus, it does not have to be paused altogether. Using technology to stay in contact with any contractors or third parties can help ensure that the project does not lose too much time while construction is halted. Video conferences can be especially helpful when connecting with contractors who need explicit approval on things like paint color or decorative tiles.
Take Advantage of Video Tours
Are you a real estate developer who was in the process of securing a location or building? Many real estate agents have started utilizing video tours of locations in an effort to continue showing properties. Talk to real estate professionals about setting up potential video tours of properties that you may be interested in. While you may not be able to arrange video tours for every property, it is worth it to talk to the real estate agent about it.
Be Aware Of Mortgage Rates
If you are looking to sell or purchase real estate, it is important to be aware of how mortgage rates are functioning during the coronavirus. Mortgage rates have seen quick drops as a result of the coronavirus, but it is important to do your research before committing to a new mortgage. Like a majority of the stock market, mortgage rates have been very volatile since the coronavirus outbreak began, making it riskier for investors. Additionally, do not purchase a property impulsively because of low mortgage rates.
The impact that the coronavirus is having on the real estate development market will continue to change each day. Make sure to stay up-to-date on the real estate market throughout the course of the outbreak, as this can help you make smarter, more informed decisions.