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The coronavirus has affected markets across the nation, but members are in the process of regaining their footing. Nine in 10 members are at some point in the recovery process in their market; they pivoted quickly with business practices and technology, and they expect use of technology to continue to increase moving forward. This report provides a snapshot of the recovery process for both residential and commercial markets.
Recovery Phase
Forty-five percent of members reported that their market is slowly entering recovery and 28% stated that their market is hotter than normal. Nineteen percent have stated their market is back to normal and nine percent do not feel they have entered recovery. Close to half (49%) of those in urban areas reported that their market is slowly entering recovery, compared to 40% of those who live within a small town/rural area. One-third of those who live within small town/rural areas cited that their market is hotter than normal.
Demand of Technologies
The majority of respondents expected that within the next year the demand for the following technologies will increase: zoom or other video technology, virtual tours, live virtual tours, virtual open houses. The largest share of respondents expected increases for zoom or video communication technologies and virtual tours. Nineteen percent expected virtual open houses to decrease.
Preparedness for Future Outbreak
Thirty-nine percent of members reported being somewhat prepared for a second wave of coronavirus and 19% are expecting to be very prepared. Of those who believe there might be a second wave, 30% feel more prepared, as they know what to expect and 27% are concerned enough that they have shifted their business practices to prepared. Nineteen percent are very concerned about a second wave and 19% are concerned only if buyers don't enter the market.
Safety Precautions
Closing shared amenities, requiring masks in public areas, and adding hand sanitizer and tissues are the most common safety precautions taken in HOA communities, condos, and apartment rentals. Less than 5% of respondents stated that no changes have been made to these property types. Condo communities are the most likely to cite making changes.
