Has COVID-19 Impacted the Real Estate Industry? Find Out More From Lisa on Why New Jersey Is on the Spot

Almost all industries in the world have come under the effect of the Covid-19 pandemic. Among the most affected ones is the real estate sector. With the emergence of new cases each day, the coronavirus has significantly impacted the economy across the globe, more so in New Jersey. With measures including social distancing, restrictions in movements to total lockdown in some countries, many investors face bottlenecks in ensuring complete security of their investments. The situation even gets worse for real estate developers and agents struggling to get prospects to view properties or even close a sale.

However, all is not lost, and no situation is permanent. With time, the current pandemic will also be contained. Nevertheless, similar to any other obstacles that you may have come across, it leaves a trail of indelible marks that are difficult to erase. Lisa Bonhotal shares some of the appropriate options to persevere through the global pandemic.

Who Exactly Is Lisa Bonhotal?

Lisa Bonhotal is a realtor with Coldwell Banker Realty, a venture that helps people buy, sell, rent, and invest in real estate. Lisa does not just work to earn a living; she has placed all her zeal, effort, and focus on achieving nothing but the best. She has enhanced her skills to easily connect with all the clients and blend well with their needs. A concept that has helped her to feel the client’s pain points and work towards eradicating them.

Besides work, Lisa has proven to be a good neighbor in her community and a fully dedicated family person. She is always willing to help and go the extra mile to helping others. She is an all-rounded person and a must-go-to when it comes to real estate engagements.

Lisa’s inner drive to giving back to the community-led her to engage in social impact activities. She is a member of The Northern Valley Rotary Club and the Woman’s Club of Norwood/ Northvale. The organization has stirred her to reach far and wide to vulnerable community members, a move that has made her create an impact while touching lives. Besides work and social impact activities, Lisa loves to explore all new tech avenues for real estate and social media platforms.

Lisa shares some of the challenges brought about by the pandemic and the disruption it has caused to the real estate industry.

The Heat On Real Estate In New Jersey

In New Jersey, the pandemic has disrupted the growth that was projected for 2020. In the first quarter of the year, the real estate sector experienced above-average activities resulting in average investment returns. As a result, it pushed the marginal improvement in the residential and commercial offices in New Jersey, the residential sector recording progress by 0.2% and 0.3 % of the commercial offices. On the other hand, the retail sector recorded a slight drop of 0.1% in the investment return rate from the previous year’s recording.

Moreover, according to Lisa, the above result cannot be entirely based on the effect of the Covid-19 pandemic. However, the resulting measures after the hit is what led to the straining in the sector. These measures led to;

• Slow issuance of construction permit as most of the public offices remained closed
• Financial institutions slowed down in issuance of loans, mortgages, and extension of lines of credit as most debtors were unable to meet their obligations
• A significant decline in the labor force and disruption in the supply chain extends the time taken to complete a full cycle
• The rapid decline in construction activities as many developers caution over the possibility of market liquidity decline.
• Off-plan investors had to make adjustments on new completion dates for their properties
• The reduction in real estate funding for fear of adverse risk during the pandemic period

Conclusion

Lisa emphasizes that although many uncertainties are happening in the market with limited knowledge on the length of time, it will take before the pandemic is contained, one thing is exact, Covid-19 will shape the future of the industry given its effects on the economy. It has as well changed people’s perspective of life. The new norm is slowly but gradually being adopted as the new normal.