In recent times every aspect of our lives has been unpredictable at least, and the real estate market's no exception. in the end, 2020 real estate trends defied predictions across the board, with sales up by 27% from previous years during late 2020.
So, what surprises does the housing market have in store for us during 2021?
Keep reading to get back on track with the latest real estate trends.
This unexpected upswing in the market, means real estate price trends are on the up too. Fewer homes for sale mean 2021 features a strong seller's market.
Buyers will need to move fast and pay top dollar for a property they want. It's best to hold off until things even out a little in the future instead of shopping for a home right now.
If you can't afford to wait, you'll likely have to adjust your expectations, location, and price range during your house hunt.
Favorable Mortgage Rates
Despite high prices, mortgage rates remain super-low. That's good news for both buyers and sellers.
Buyers stand to gain the most benefit from low repayment options, although it's important to keep your wits about you and avoid buying a home solely to take advantage of low rates.
Sellers are finding that the interest rates mean more willing buyers and the option to pick-and-choose who they sell their home to, and at what price.
Online Is Dominating Real Estate
Nowadays, buyers and sellers are going straight to the internet. You can browse or list homes for sale in a few clicks from the comfort and safety of your own home.
'Virtual' agents are handling more real estate tasks online now too. This means you can get the expertise of a conventional estate agent at a much lower cost.
You can also handle many document-based aspects online using electronic signature apps and remote notarization to get things done faster.
Commercial Real Estate Trends
Unfortunately, many commercial endeavors have gone out of business in the past year. Other businesses have closed shop in favor of opening e-commerce stores or remote working situations.
That means, there are plenty of commercial buildings standing vacant, and little demand for them.
One of the most promising real estate market trends is that some astute investors are looking to reinvent these buildings as low-cost multi-family housing developments in urban environments.
This could provide welcome relief for small families looking to downsize in a challenging economic environment.
Thanks to increasing unemployment and the inevitable end on mortgage relief for homeowners, there's bound to be an increase in houses for sale as-is during 2021.
Many financially-strapped homeowners can't afford the costly maintenance that goes with maintaining a home anymore.
They're turning to companies like HomeVestors.com, sellhousefast.com, and webuyuglyhouses.com to get rid of their properties fast and help relieve the financial pressure build-up.
That means fix-and-flip enthusiasts are one of the few types of homebuyers who could find some bargains if they keep their ears to the ground.
Stay Up to Date With Real Estate Trends
Buying or selling, staying informed is the best way to secure the best deals when it comes to real estate. Keep browsing our blogs or bookmark our site if you'd like to do just that.
We cover a wide range of topics concerning real estate trends and the business of selling homes.