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After the danger of the COVID-19 pandemic shut down much of the U.S. in the spring, the future looked bleak for all sectors of the real estate market. But as summer approached and states began reopening for business, signs of hope returned in residential, industrial, and commercial real estate.
And that hope continues in surprising ways across the country despite real challenges presented by the virus.
The signs are encouraging in the commercial market, where real estate agents like Paul Daneshrad in California have continued to thrive during the pandemic's trying times. Some areas of the country are on pace to post records in industrial and residential activity, as real estate firms in Houston have reported in the wake of the spring COVID surge.
Here's the evidence that the upswing in real estate is real.
Publicly traded title insurance companies are reporting record activity. For example, The North Carolina-based Investors Title Company reported a record third quarter to its investors. First American Financial Corporation boosted its quarterly cash dividend to investors by 5% to 46 cents a share.
Residential real estate continues to be a good investment for homeowners and investors. Low mortgage rates and buyer demand stifled by the virus' early spread have combined to spark residential sales over the summer and into the fall, according to Forbes.
States like New Jersey and Florida are reporting continued strong sales despite fears the pandemic would discourage buyers. In Florida, a growing number of people are leaving the Northeast in favor of that state's sunnier climate and relaxed rules related to COVID, and that has helped keep real estate agents busy.
The real estate boom in many areas of the country means lower prices in traditionally expensive cities. Buyers are fleeing in search of more space, according to USA Today. The pandemic prompted some homeowners to leave the more crowded urban areas for more spacious suburban and rural neighborhoods. That means investors and others looking for bargains have options in some areas like New York City and San Francisco that they've not seen in years.
In a time of so much uncertainty, the fundamentals of the real estate market are offering confidence even as the pandemic lingers.
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