The Coronavirus pandemic has affected every sector in the past year, and real estate is no exception.
The real estate market before Coronavirus was a living nightmare. Thanks to Trump’s newly imposed tax laws, property rates all over the country took a 4% dive, with an estimated setback of close to 1.04 trillion dollars. While the rich didn’t get affected much by these legislations, the average American whose only economic asset was their home suffered a significant loss.
Post-December 2019, real estate transactions slowed down dramatically. Ongoing economic instability and then Corona crippled sales. Most homeowners had decided to postpone housing purchases; construction sites were forced to halt work due to a lack of labor and material supply, causing the market to take a hit.
However, as the industry gets used to this new normal, housing demand is slowly crawling back up. Which only makes one wonder if the post-Covid-19 economy will rise to what it once was? What would be the extent of the Biden administration’s role in reviving the real estate market now?