Realty expert Kenneth Loeb offers a closer look at the widespread impact of the ongoing Covid-19 coronavirus pandemic on the market.
OTTAWA, ON / ACCESSWIRE / January 26, 2021 / The Covid-19 coronavirus pandemic has impacted individual businesses and entire industries alike, both across North America and worldwide. Examining the effects of the global health crisis on the realty sector, industry expert Kenneth Loeb provides a closer look at fluctuating real estate valuations stemming from responses to the virus as it continues to maintain its grip on the world.
"Covid-19 has impacted the realty market in the U.S., Canada, and overseas on an unprecedented scale," explains Kenneth Loeb, speaking from his home in southern Ontario. Loeb is a former litigation lawyer and business executive, currently serving as a realty firm executive chairman.
Real estate valuations, for example, Kenneth Loeb says, are crucial within the property market for a number of reasons. The Covid-19 crisis, however, has turned valuations largely on their heads in many cases, according to the expert.
"Vital for everything from residential mortgage appraisals to securing sales on vast commercial properties, the ongoing economic uncertainty tied to the coronavirus pandemic during 2020 and into 2021 has presented a degree of challenge not witnessed before in the market," adds Kenneth Loeb.
According to Kenneth Loeb, the impact of Covid-19 on real estate valuations can be summarized on three key fronts. "Covid-19 has impacted real estate valuations on three fronts," he explains, "creating turbulence in the economy, limiting physical access to properties, and-as a result of both-creating fewer and fewer comparable sales."
It's crucial, realty firm executive chairman Kenneth Loeb believes, to have accurate, data-based assessments of real estate values for the realty market to exist. Between turbulence in the economy and limited physical access, and with fewer comparable sales to examine than ever, achieving this accurate level of assessment has, for coming up on a year now, presented a significant challenge across the board, records show.
With this in mind, Kenneth Loeb says that it remains essential to continue to look forward rather than back. "We must continue on toward a new future in real estate," adds Loeb, "where, in the wake of the Covid-19 crisis, we're able to begin to address the impact of the virus on valuations as we progress through 2021 and beyond."
Kenneth Loeb is a celebrated former litigation lawyer, known by his peers for his unparalleled professional expertise, strength, and confidence. Later turning his attention to the industry, Loeb also boasts more than 30 years of experience as a leading business executive.
Currently serving as the executive chairman of a prestigious realty firm and devoting much of his time to commercial real estate holdings across North America, Kenneth Loeb resides in Ottawa, Ontario.
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SOURCE: Ken Loeb