Firuz Barotov Details the Impact of COVID-19 on the Real Estate Market

NEW YORK, NY / ACCESSWIRE / January 25, 2021 / Firuz Barotov explains how COVID-19 has changed real estate as we know it.

Since the onset of the COVID-19 pandemic in early 2020, the face of real estate has changed, according to Firuz Barotov. What we're seeing now is not only a difference in how real estate is conducted but also trends in the kind of real estate that's on the market. "On the face of it, realtors and customers are having to deal with closed open houses, wearing face masks, and only having a certain number of people touring a home or other property at the same time. Gone are the days where you could hold or visit numerous open houses over a weekend," says Firuz Barotov.

Besides this, we're seeing a downtick in the residential market overall but an uptick in luxury real estate, including vacation homes, according to Firuz Barotov. "People are realizing that travel is not only cumbersome and risky, but it is also non-existent with many countries having closed borders. Even as the vaccine is readily becoming available, it isn't for everyone and many countries are requiring travelers to get the vaccine before entering their country. Instead of traveling to far off lands, people are putting their money into luxury homes to create their own oasis or vacation homes nearby where they can run off to for a change. People are stuck at home and looking for a way to change the scenery without unnecessarily exposing themselves to COVID-19. A vacation home solves this problem," says Firuz Barotov.

But how long will these luxury homes be available? "People are scooping them up pretty fast, particularly in Florida and Texas where people are trying to escape high taxes, like those in California and New York," says Firuz Barotov. "If people are going to be stuck at home, they at least want to be stuck in a nice home with warm weather." Still, others are not even considering buying or selling during a time like this or simply are not in a position to do so, according to Firuz Barotov.

"Overall, we're seeing the real estate market change, just like other sectors in our economy," says Firuz Barotov. "How long will these changes last? It's safe to say a long time, if not permanently."

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SOURCE: Firuz Barotov

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