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What is Driving Real Estate Investments in 2020?
The real estate investment game is changing, but VB Realty Group is here to guide you. Investments offer a sense of stability and the possibility of large payouts. However, 2020 has brought a whole new set of variables to the equation. The coronavirus pandemic has thrown a wrench in businesses and investments, and the real estate market is no exception. Below we’ll discuss how the focus of real estate has shifted in terms of investment strategies.
- Demand for Workspaces
With the onset of the pandemic, most businesses have shifted to online protocols. These shifting conditions have pushed businesses to utilize websites like Zoom and Skype to hold meetings and various other business procedures. The ease that online protocols create for business managers and their employees has prompted business owners to consider continuing a large portion of their business online.
Even though a significant amount of employees are slated to continue their work remotely, the demand for workspace will continue to rise. Owners will focus on safety and residential spaces more so than office spaces. This will cause office spaces in prime locations to rise in value because business owners will most likely choose to have a select few on their team moved to a more prestigious, central location. However, many designated office spaces may depreciate in value because they are being overlooked in favor of residentials.
- Virtual Inspections
Though the housing market was expected to take a large hit, it has not halted. Real Estate agents are relying on technology to allow vrutal inspections and the completion of transactions. From a seller’s perspective, your focus should be on immersing the buyers in the house as much as you possibly can; this can be accomplished through the use of photos and videos. From the buyer’s perspective, you must maintain a critical, vigilant eye as you consider all the factors that go into photos and videos versus the real thing; digital media can be altered to fit your ideal perception of the house, so look for a program that will give you the most accurate image of your prospective home as possible.
- Fluctuating Property Values
As buyer/investor preferences fluctuate, the value of real estate will fluctuate as well. As stated before, the office space market is seeming to depreciate in value, while the search for residential properties is thriving, so selling your office space before the value decreases would be a wise move. Unless, of course, the residence is in a prestigious area; in that case, its value is sure to rise. For the sake of the buyer, it is recommended to refrain from closing on a new office space until the price has dropped (unless it’s in a sought-out location). When looking for a property, keep in mind that location is the factor that determines whether an office space’s value appreciates or depreciates in this changing market.
To read Pritom Das’ full article, click the link here: https://www.entrepreneur.com/article/351318