The process of buying and selling land has been made more difficult due to changes in the economy as the COVID-19 pandemic continues to affect all levels of asset ownership.
Real estate and property management sectors have had to make adjustments for numerous markets including industrial, retail, apartment and land.
Hundreds of homeowners who were considering putting their property up for sale have since opted to wait out the storm.
Those on a lease have had to request rent reductions, and strategic planner Bryon Carney says previous contract deals for realtors have been abandoned.
“There were quality developments and projects all over the valley in all asset classes," Carney said. "We were seeing large tenants coming to our market and leasing huge chunks of space. Well, then about six to eight weeks ago, it all came to a screeching halt.”
The housing market will continue to operate under guidelines from the CDC as well as local and federal officials.
How it stays afloat will be determined by how the economy responds in the coming months.
