Here’s a look at where the market stands right now, and what you’ll want to keep an eye on moving forward.
LOW HOUSING INVENTORY
At the end of last year, inventory was tight and homes were selling quickly. Look out for similar patterns in 2021 that lead to favorable conditions for sellers and a competitive market for buyers.
WE NEED MORE SPACE
Homes with extra rooms and closed floor plans are more appealing to buyers looking for space to accommodate home offices, gyms, etc. Properties with ADUs (accessory dwelling units) like a granny flat or converted shed may also attract multi-generational families or those looking for rental income.
THE MARKET IS REBOUNDING
Following the uncertainty of 2020, the real estate market has quickly rebounded to pre- pandemic levels,and remains one of the earliest industries to do so.
INCREASED BUYER DEMAND
Many millennials have fast- tracked plans to buy with the money they saved while staying home. Plus, mortgage rates continue to hover at historic lows, making home ownership more affordable for many. This year could be a perfect time for those with secure employment to buy.
A COUNTRY ON THE MOVE
As circumstances change and businesses offer more opportunities to work remotely, Americans are moving across the board.4 They aren’t just moving from cities to suburbs — in some cases, they are switching from city-to-city, suggesting that many urban markets are still quite healthy.