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Whether you’re looking to purchase your first home or flip a home for profit, you need to know what’s going on in the real estate market. If you’re not privy to the real estate market in 2021, you’ll have difficulty buying or selling a home.
What do you need to know about the upcoming year?
Check out this guide to learn about the real estate market in 2021.
Thanks to COVID, fewer people are taking the plunge to sell their homes. This means that there are fewer homes on the market overall, which is good news for sellers.
According to Norada Real Estate Investments, the median price for homes is expected to rise by about 5 to 6 percent in 2021. Additionally, the turnover rate for homes is also very high, with homes sitting on the market an average of 14 days less than they were in 2020.
Additionally, sellers face a lot less competition across the board.
On the other side of the coin, the market is very competitive for buyers due to increased demand and a rise in housing prices. If you want to buy a home in 2021, you’ll need to act fast to beat out the competition.
However, there are some advantages to buying a home in 2021. One of the biggest advantages is low-interest rates. According to a forecast published by Fannie Mae, interest rates could drop as low as 2.99 percent in 2021.
In 2020, many landlords lowered rental prices and offered incentives to draw in new tenants, so if you’re looking for temporary housing or temporary office space, you should be able to get a good deal this year as well. You can even take the services from corporate rentals of London as they provide housing from 2 days to 2 years.
In 2020, we saw more and more people moving to the suburbs, and we should expect this trend to continue through 2021. Due to COVID, more and more Americans are working from home.
Not only do suburban houses tend to be more affordable, but they also tend to offer more space than places in the city. Plus, it’s generally easier to escape to nature or to a park when living in the suburbs, which is a big advantage during COVID times.
Before the pandemic hit, heading to open houses and meeting with real estate agents in person was the norm. But, due to social distancing guidelines, people are making more of an effort to do things virtually.
In 2021, you should expect to see real estate websites offering more virtual tours and appointments. Instead of in-person walkthroughs, a lot of agents will offer live streams via social media.
If you’re looking to sell a home in 2021, this means you need to brush up on your digital marketing skills and spruce up your real estate website. If you’re not using an IDX broker already, now is the time to do so. You can check out this guide to learn why to switch from IDX broker.
Now that you know about the real estate market in 2021, it’s time to prepare for the year ahead. With this forecast, you should have better luck buying or selling a home.
Be sure to check back in with our blog for more real estate news and predictions.