Real Estate Trends during Covid-19

Real Estate Trends during Covid-19

The Covid-19 pandemic has forever changed the way we think, act and do business, and like most industries, the real estate industry will look very different by the end of this year. Berry Everitt, CEO of the Chas Everitt International property group, however, feels very positive about the changes that have come as a result of the worldwide pandemic. Chas Everitt International has always been client-focused, and now more than ever, there is potential for better service and greater rewards.

Here are some of the Trends we've seen Developing as a result of Covid-19:

Property Agents have become more Tech-savvy

Chas Everitt International property group has been the acknowledged industry leader in the adoption of new property technologies for more than a decade already, and our agents have done scores of 'lockdown deals' during lockdown already. For this group the real purpose of property technology - or proptech - is not to replace estate agents, but to empower them and keep them at the centre of the transaction, right next to their clients when homes are being bought or sold, enabling them to provide the very best service to their clients, says Berry Everitt, CEO of the Chas Everitt International property group.

It is still a Buyers Market

The latest rate cut has taken the interest rate to the lowest in almost 50 years, when the fourth interest rate cut was announced by the South African Reserve Bank (SARB) in May this year, shaving over R1 500 off the monthly re-payment on a one million Rand bond. This has created a real opportunity for buyers. There is plenty of good inventory to choose from at the moment, and banks approval rates are still at an all-time high, making this a perfect time to find your dream home. If you're in the market to invest, then do it now. "Demand for rental homes always increases when consumers are under financial pressure and is set to keep rising as people respond to the fallout of the Covid-19 pandemic by making changes to their lifestyles as well as their budgets,” says Berry Everitt, CEO of the Chas Everitt International property group.

Migration to the country

“These days, with technology making it possible for many more people to work from home full-time, there is also a rising demand for rental homes in country towns, where property purchase prices also tend to be much lower than in the cities.” Berry Everitt, CEO of the Chas Everitt International property group.

We have already seen a trend of the super-commuters, or travelling professionals, travelling between their jobs in the city and their homes in the countryside. The country towns Napier and Bredasdorp, along with coastal areas Struisbaai, Agulhas, Suiderstrand and Arniston offer buyers the opportunity to live a mere 2 hours away from the city. Many internet-based businesses have already made the move to the country long before this pandemic started, realising that working from home is a viable but also a cost-saving option.

Looking at the trends above, this should make you feel more optimistic about the South African property market, especially buying a home in the country, whether to live in or as a rental investment. The Chas Everitt International property group is expecting the momentum to increase now that the economy is opening up again, and we are also able to conduct physical property viewings and speed up the transaction process. In the Cape Agulhas area, including the country towns of Bredasdorp, Napier and Arniston, we have already seen an increase in property sales since the lockdown rules have been lifted.

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