The coronavirus pandemic ushered in a new era for many people, businesses, corporations, and industries. Before the global epidemic, the gig economy allowed many entrepreneurs to offer their services online.
While some services could only be done in person, marketing, invoicing, and agreements were often done over online portals. With the pandemic, the gig economy has morphed into a global remote space.
Many companies are now comfortable, allowing their employees to work from home. In the years to come, many companies and even industries accept cutting edge technologies that will limit the need for physical appearance in offices.
What do these mean for the real estate market? We had a chat with Jacques Poujade, a seasoned real estate investor and managing partner of LendPlus.
Jacques Poujade gave us invaluable insights on today’s economy and how things are changing to accommodate new trends, especially in the real estate market.
Cities like Orlando, Florida, are experiencing an increase in population. The pandemic seems to have started a trend where people prefer being in less populated metropolis with a lot of space.
While New York and Las Vegas are still outstanding, more people—even young men and women who should naturally prefer the bustle of the big cities, are more inclined to stay in smaller cities with friendly neighbors, open yards, less music, and excellent facilities.
Just last year, 2019, Forbes ranked Orlando as the best place to invest in the United States.
Population increase is seen in many other less-populated cities.
It’s essential to focus on housing projects in less populated neighborhoods. As of last year, home prices in Orlando have risen to about 7%- 13%, and we should all expect are a steadily increased valuation in property prices. It is a perfect time to invest in Orlando.
Of course, the pandemic became the undoing of many companies. While in a lot of places, many workers were laid off, there were still companies that thrived.
Amazon, for example, was somewhat hit by the global pandemic; however, it still managed to sustain profitability. A company that did exceedingly well was Zoom.
Zoom’s take-off could not have been anticipated. With remote working being a central part of the company’s work process, they were sure to thrive.
Of course, its competition, Skype, could not get a hold on the market even though it has been much around. What do these mean for the real estate market?
Industries are picking up from where they left off. We should be expecting more hires from many of these companies as the world has lived out the worst of the global pandemic.
The real estate market will, soon, be vibrant again, since good jobs will mean more household income and expenditure. There has never been a better time to invest in the real estate market.
Are houses going on the high price or are they stable? Are houses affordable?
In today’s economy, we will witness many shifts; for example, with more people getting used to remote working, it is only a matter of time before people begin to seek options that will make sure that they do not have to travel long distances to get to work.
This trend will lead to more people seeking affordable housing units in less populated and cheaper environments.
Understanding market trends is not magic. No one can—to a perfect certainty declare how the real estate market will be in the next five years; however, with these strong indicators, you can make close-to-perfect decisions, invest in viable real estate projects, and build your wealth.