In 2020 NAWRB WHER, Volume II: Real Estate, we explore how the real estate industry is navigating COVID-19 challenges and utilizing technology as a solution. Building on last year’s report, we have expanded the previous homeownership volume to include a broader view of real estate, including a residential, commercial and industrial outlook.
In the first section, we focus on residential real estate, including homeownership, poverty and homelessness. We begin by noting the state of the nation’s housing prior to the COVID-19 pandemic before venturing into the unforeseen effects the crisis has had on the economy, and thus the residential real estate industry. Some findings include that the older population is facing greater hardship in homeownership compared to the younger generations, especially Millennials. Also, we address how minority groups, especially Black homeowners, are being disproportionately impacted by the public health and economic crisis.
Next, we summarize how real estate professionals are utilizing technology to help with business operations and helping clients buy and sell a home. Technology is enabling the industry to not only expedite processes but also connect with clients on a personal level as much as possible. Finally, we go over how the commercial and industrial real estate industries have been impacted by the COVID-19 crisis. Please keep in mind that the industry is changing rapidly and information presented here might not reflect the current trends and developments. This is first and foremost a useful guide for professionals to use as they prepare for the transition real estate is making to thrive after the pandemic