What Will Real Estate Look Like In 2021? 3 Home-Buying Trends You’ll See This Year
Experts over at Forbes are forecasting what they expect to see from the real estate market this year. With banks boasting low interest rates and people spending more time at home, it's no surprise that real estate is booming.
Here are a few trends to look out for during 2021:
Homes are selling - and selling quickly!
"The Covid-fueled real estate boost caused an average of 42% of home listings nationwide to sell in two weeks or less. One survey found that more than half of homebuyers say the pandemic accelerated their homebuying process," according to Forbes.
Changed Budgets, Higher Prices
Budgets are changing as people are being wary of unemployment rates.
"So although many people are buying homes, they aren’t always stretching their budgets. Research found 63% of homebuyers were forced to lower their budget by an average
of $28,400 due to the pandemic. At the same time, 65% of buyers backed out of buying a home, most often due to budget," according to Forbes.
Leaving Cities And High-Tax Areas
More remote working has led to flexibility regarding where people can live.
"Suburban areas have seen higher home sales growth than urban areas, and many homebuyers have increased their willingness to commute when they return to work in the office. In the suburbs, homebuyers are more likely to find traits that are increasingly desirable: larger houses for more time spent at home, dedicated office space and personal outdoor space, as well as proximity to beaches, trails and open space," according to Forbes.
What else do you see happening?