One of the fastest-growing industries today is real estate. However, there have been tremendous changes witnessed amid the spread of the virus in 2020, causing global havoc. You might have bought or sold a house in the last few months, or you must know a friend who has sold or bought one. Regardless of where you are moving, either across the street or the country, you must understand this is part of a growing real estate strategy. As the pandemic continues to affect every aspect of our lives, even the real estate industry has not been spared.
Financial handles and the loss of jobs during the pandemic have compelled many people to stay at home while others work from home and the desire to check for low interest rates. Even as the pandemic affects financial earnings, this did not deter aspiring homeowners from purchasing their dream homes. Although there are high unemployment rates and the recession at hand, this trend will be experienced even in 2021.
Notably, the real estate thrive is not coming to an end sooner. While you plan on buying or selling a house in 2021, here are some of the trends to look for in 2021.
Record-Setting Pace
Even as the houses keep selling, they are being sold at a record-setting pace. Although Covid-19 seemed like a death sentence for many businesses, this fueled real estate boost, translating to about 42 percent of home listings across the country to be sold in less than two weeks. According to the survey, some homeowners confessed that their home buying process was fast-tracked by the pandemic.
Although 2020 was a rush year, homebuyers can now relax since 2021 will not be a rush year since the typical home buying seasons went out.
Changed Budgets, Higher Prices
While the demand for homes went up during the pandemic, many home buyers have to lower their budget significantly. Recent shows that 63 percent of home buyers had to reduce their budget while another 65% of home buyers decided to back out of the deal. According to the expert’s home process, it will increase by about 5.7% in 2021 as real estate companies aim to reach greater heights.
Leaving Cities and Areas with High Taxes
Suburbs have seen increased demand for homes in these areas as people look forward to running from cities and high tax areas to help them save a few bucks. Many homebuyers have expressed their willingness to commute, increasing the demand for suburban homes. Notably, the real estate industry is expected to experience growth in 2021 as it was in 2020.