After the crazy real estate year of 2020, we were anxious to see what would happen in 2021. As we talked about earlier this year, we are currently in a strong seller’s market! But what can we expect as the year progresses? Whether you’re buying, selling, or just curious, here are the real estate trends we expect to see throughout the rest of 2021.
Seller’s market will continue
Let’s start with the elephant in the room: it doesn’t look like the seller’s market is going anywhere right now. We can probably expect to see low inventory and a hot housing market throughout the rest of the year. Keep following this advice for a seller’s market!
Rocking the suburbs
In general, the suburbs are likely to continue to be desirable to lots of folks, and those will continue to be the areas with the most growth. We don’t expect that to change any time soon. However, due to the seller’s market and the increase in home prices over the past few years, buyers may be less choosy. Less accessible, unpopular neighborhoods will have more interested parties and a better chance of finding buyers.
Rising home prices
This goes hand-in-hand with that seller’s market! High demand and low inventory means that house prices go up and buyers may stretch their budget to snag a home in a competitive market. Good news for sellers, and a reminder for buyers to know exactly how much house you can truly afford. Nail down your budget ahead of time, and stick with it!
Outdoor space in high demand
One thing we all learned from the pandemic in 2020 was how important outdoor space can be. Lots of folks have come to depend on yards, patios, lawns, and porches as a welcome escape from time spent trapped indoors. And home buyers are keeping those outdoor spaces pretty high on their list of must-haves. Sellers, take note: make sure you spruce up and stage your outdoor gathering areas to show off the possibilities!
Low mortgage rates
We’ve seen some all-time low mortgage rates recently, and it’s anticipated to stay relatively low throughout the year. It’s possible that we could see some rising rates later on in 2021, but it’s not expected to change significantly any time soon.
Online services in demand
Another effect of the pandemic is that everyone has gotten used to online everything–mobile apps, online communication, virtual tours, electronic signatures, and digital technology galore! Whether you’re buying or selling, make sure to look into the current technology and see if you can leverage it to make your process go more smoothly.
If this all seems overwhelming or complicated to you, that’s ok too. That’s what we’re here for. We are here to support you through the entire process, so it’s always ok to just let the professionals worry about it.