No industry was unaffected by the Covid-19 pandemic, it has now been a year since the chaos of the pandemic descended, and every industry is trying to make sense of its aftermath. Here, real estate broker and property expert Christopher M. Naghibi discusses the effect of the Covid-19 pandemic on the real estate industry.
Firstly, Christopher M. Naghibi shares that the real estate industry is still feeling the effects of the pandemic, and it will continue to change as the fallout spreads. The most significant shift it has caused in the world of real estate has been, Christopher M. Naghibi shares, the massive drop in house sales. He explains that as people across America were advised to stay at home, open houses became extinct, and it is only in recent months that virtual house viewings became possible. Christopher M. Naghibi says that the industry is suffering the worst dip in sales since the housing crisis of 2008, but he adds that sales figures did start to rise again last summer. These highs and lows, Christopher M. Naghibi says, reflect an industry that is in flux. Expanding on this, he says, “Typically when sales drop, house prices will follow, but the market has been so upended that there has been little correlation between the two as they fluctuate almost independently of each other.”
As a licensed attorney, Christopher M. Naghibi brings unique insight into the real estate industry, which he implements with the companies he founded: Black Crown Inc. and Black Crown Law APC, combine the skills of attorneys, agents, and contractors to create a comprehensive real estate team.
The real estate industry has not emerged unscathed by the pandemic, but Christopher M. Naghibi believes it is already beginning to rebuild, both figuratively and literally.