A few people I know have recently created Facebook posts about residential real estate and some of the consequences of our current pandemic.
I am not now, nor have I ever been, a real estate professional. All the same, I am curious to see how these factors will play out over the course of the next year or two:
1. Many people have illegally kept apartments off the rental market, in favor of listing them on such platforms as Airbnb, VRBO, and a few others. Now, with these apartments EMPTY and generating no income, what will happen to them?
2. In San Francisco, we now have thousands of apartments under construction, many of which are being touted as affordable. What will happen to the market when construction is completed and they become available?
3. Thousands of tech workers and their employers have learned that, yes, it’s now possible to work from home. With the cost of living so high in the Bay Area, how many people will relocate to places that are more affordable, so that they will be able to own their own homes, which has not been possible here and in other city with high rents and purchase prices?
4. What’s to come of a likely glut of commercial property when many corporations try to decrease their footprint, having found out that they do not need to maintain as much space for their employees?
I see these as unanswered questions, and I think it will be fascinating to see how these separate, but related, factors work towards changing what has long been accepted as the status quo.
Besides, it’s not really possible to know the answers to these questions. But maybe some readers here have their own thoughts on the matter.
I am happy to read what people have to say — especially those of you more experienced with real estate and trends along those lines.