While the COVID-19 pandemic has caused many businesses to temporarily shut down, real estate continues on. In fact, on March 28 the U.S. Department of Homeland Security (DHS) included real estate on the list of essential services it deemed critical to the nation’s public health, safety, and economic security.
That is exactly why the real estate industry remains in operation—it is a critical component of our national economy. According to the National Association of Realtors (NAR), there are 9.5 million jobs in real estate, rentals, and leasing, and every two home sales generates one job.
Real estate is, of course, directly related to the housing industry, which is also vital during these unprecedented times. As the National Association of Home Builders and 99 other organizations and suppliers pointed out in a letter to the DHS, “housing is currently 14.6% of Gross Domestic Product and a major engine of the economy.” Without the services the industry provides, communities may lose access to building, plumbing, residential property management, and much more—all of which could be devastating to an economy that is already feeling dire repercussions.
With the amount of influence that the industry has, NAR and other real estate organizations are stressing the important role real estate will have on recovering our nation from the current economic recession it entered as a result of the pandemic.
Many realtors are already looking into ways they can safely and responsibly serve clients while adhering to social distancing standards, which for many means pivoting to virtual tours and video meetings. Redfin, the online real estate brokerage website, saw an almost 500% increase in video home tours in March, showing how quickly the industry is embracing new technology in order to keep businesses up and running.
As long as local and state governments give the go-ahead to maintain real estate as an essential service, realtors like Lottmann Realty Group and other industry professionals will be there, ready, and willing to find innovative ways to help buyers and sellers with their needs.
If you’re thinking about buying or selling your home, we can still help you achieve your goals while navigating this period of uncertainty. Contact us today and we’ll set up a time to meet virtually and figure out a strategy that will work for you. We’re here for you and together we’ll make it through!