How the Coronavirus is Impacting the Homebuilding Industry (and How Technology Can Help)

Coronavirus’ impact on the property market has been hard-hitting. Brokers, homebuilders, real estate agents, and sellers are welcoming a disconcerting new normal, with restrictions on open houses, the drop-off of buyer interest, and frozen negotiations.

As a homebuilder, you’re likely concerned about how the homebuilding industry has been transformed by COVID-19. In addition, you may be in need of technological solutions to help smooth over the transition to selling properties remotely.

Below, we explore the current trends the homebuilding industry is seeing and the best virtual models you can utilize to help you make the transition.

Coronavirus’ Impact on the Homebuilding Sector

Due to the latest safety recommendations and social distancing requirements put in place by the government and WHO, the majority of homebuilders are running into limitations on their ability to develop properties and showcase them to prospects.

Moreover, social distancing measures are difficult to implement on close-knit construction sites of home developments, thus the majority of residential construction work is now on hold across many parts of the nation.