Abstract
COVID-19 significantly affected the real estate industry. In Montana, an out-of-state buyer influx was anecdotally noted; a descriptive research study developed, and a survey of Montana realtors found 77.4% of realtors reported an increase in out-of-state buyer interest and closing; a significant number were noted to be coming from California, Washington, and Colorado for housing purchases between February and August 2020. Reasons for relocation efforts included predominately safety and security and COVID-19 related concerns. The research addresses the increase in real estate closings within the state, reasons for relocation, and addresses managerial implications for the findings relating to advertising, tourism, and contactless shopping used within this industry. Additional implications focus on the importance of contactless showings, national visibility (especially in specific states), and tourism focusing on stated reasons for relocation. The findings impact advertising campaigns and tourism industries.
Presenters
Anna TalafuseAssistant Professor of Marketing, College of Business, Montana State University Billings, Montana, United States
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
Changing Dimensions of Contemporary Tourism
KEYWORDS
COVID-19, Migration, Pandemic, Real Estate, Consumer Behavior
