PPB December 2020

of homes (45.7 percent) that go under contract getting an accepted offer within the first two weeks on the market. Despite economic uncertainty, the housing market is hot. Record-lowmortgage rates have been a key driver in the market’s success, with the average rate on a 30-year home loan sinking to just 2.87 percent in October, according to Freddie Mac. Last year, at the same time, the rate averaged 3.64 percent. Instead of hindering homebuyers, COVID-19 has inspired people to rethink what they want from their home—and to find what fits their lifestyle now rather than later. More than half of buyers (54 percent) think now is a good time to buy a home, according to Fannie Mae. Most first-time homebuyers (53 percent) say they would even buy a house without touring it in person first, according to a LendingTree survey. Some homebuyers (about one in four) say they are moving sooner than planned due to the pandemic. Why the hurry? Mostly because they want more space for a designated home office and to get more outdoor or recreational space. For millions of Americans, moving during the pandemic has been a necessity more than a desire to find a place to park their laptop or a backyard large enough for a garden. Pew Research reports that one in five Americans have either relocated due to COVID-19 or know someone who has. Among U.S. adults who moved, 28 percent say they wanted to reduce their risk of catching the virus, 20 percent say they wanted to be with family and 18 percent say they moved for financial reasons. Like nearly every industry, the residential real estate market has had to pivot, with real estate agents offering virtual home tours and real estate brokers turning to tools such as 3-Dmapping and drone surveys. In commercial real estate, developers continue to look for ways to reinvent shopping centers or retail spaces that have been shuttered because of the pandemic. While some businesses have shifted primarily online, others need more space to allow for safe social distancing. With a decline in in-person tours and face-to-face conversations, real estate professionals must look for new ways to engage with clients and prospective buyers. Through promotional products, real estate agents can reach out with a personal touch, whether that means sending a gift to new homeowners or inspiring targeted leads with branded products. Whether they are used to increase brand awareness, encourage referrals or thank clients, promotional items allow real estate professionals to promote themselves and their companies, and build a strong foundation in a booming residential market. Snapshot While residential real estate has remained stable amid the pandemic, the commercial real estate market took a hit with shutdowns, disruptions to the supply chain and the transition to remote work. A slower activity pace has meant delays to developers’ timelines and impacted cash ows. More than half of U.S construction rms reported halted or suspended projects, and more than two-thirds experienced delays due to a lack of materials or personal protective equipment, according to Deloitte. While remote work left many companies rethinking their need for of ce space, the pandemic inspired other companies to take advantage of deeply discounted workspaces. For example, this fall IBM reported searching for 500,000 square feet of of ce space in New York City in a move to consolidate its workspaces, according to Business Insider. With so many unknowns, companies in the commercial real estate industry can use promotional products to keep their employees, clients and prospects informed and safe with a range of promotional products. Market | DECEMBER 2020 | 47 GROW