How Coronavirus is Impacting the Homebuilding Industry
How the Coronavirus is Impacting the Homebuilding Industry (and How Technology Can Help)
Coronavirus’ impact on the property market has been hard-hitting. Brokers, homebuilders, real estate agents, and sellers are welcoming a disconcerting new normal, with restrictions on open houses, the drop-off of buyer interest, and frozen negotiations.
As a homebuilder, you’re likely concerned about how the homebuilding industry has been transformed by COVID-19. In addition, you may be in need of technological solutions to help smooth over the transition to selling properties remotely.
Below, we explore the current trends the homebuilding industry is seeing and the best virtual models you can utilize to help you make the transition.
Coronavirus’ Impact on the Homebuilding Sector
Due to the latest safety recommendations and social distancing requirements put in place by the government and WHO, the majority of homebuilders are running into limitations on their ability to develop properties and showcase them to prospects.
Moreover, social distancing measures are difficult to implement on close-knit construction sites of home developments, thus the majority of residential construction work is now on hold across many parts of the nation.
Are Homes Still in Demand?
However, the current delays in construction don’t mean home sales have stalled in every market.
Following a sparked interest in property purchases thanks to the rebound effect of the last recession, the housing market welcomed a strong start to 2020. However, latest reports claim mortgage applications have dropped since the coronavirus pandemic began.
Fortunately, local reports paint a different picture. For example, housing market along the west coast are reportedly remaining steady – with a an increase in home prices in March 2020 compared to March 2019.
As such, depending on your market, you may have seen a keen interest from a sizable pool of prospective buyers. In the tumultuous emotional upheaval of COVID-19, many people are seeking the certainty and security of owning their own home. In addition, renters report a desire for manageable and predictable mortgage repayments above temperamental rent hikes and the mercy of landlords.
Taking House Viewings Online
Reports suggest that 2-4 times the number of virtual house viewings have taken place since the outbreak began.
Providing virtual showings of current homes and developments to prospective buyers is a great way to ensure the resilience of your homebuilding business during the COVID-19 crisis and social distancing measurements.
3D cameras can be utilized to provide dynamic tours of homes, providing 360-degree views of properties. With virtual tours, detailed floorplans, and key property features can be viewed from an iPhone or computer.
How Neighborhood Data Can Sell Your Homes from Home
During lockdown prospective buyers can no longer be swayed by the feel of a neighborhood or the atmospheric beauty of a property that’s only fully realized in person.
Neighborhood and property data can help buyers envision a property and neighborhood without having to leave home. You can benefit from our comprehensive database of neighborhood data, to help showcase the character of a neighborhood and draw attention to its local amenities.
For example, our points of interest data includes detailed information on local supermarkets, healthcare services, banks, retail outlets, restaurants, bars, and other recreational and cultural venues – great for virtually highlighting the selling-points of your featured neighborhoods.
Our points of interest data is also a great complement to our school data, which can help prospective homeowners find properties within attractive public and private school catchment areas.
Building a Resilient Homebuilding During Lockdown
While the property market may have taken a hit and construction may be on pause, you can still ensure that house viewings and sales continue during the pandemic. Both neighborhood data and virtual viewings can help you sell property during lockdown.
Interested to find out more about our neighborhood data and how it can help you? Contact us here.
Please contact us if you have questions about the underlying data referenced in this article, or would like to have access to that data in the form of custom reports, API, Bulk File or DaaS.