The real estate market is one of 2021’s hottest financial talking points.
What is the current real estate market like? How’s it different from last year? What’s housing availability going to look like as the year goes on?
For anyone interested in financial opportunities, understanding the current state of the market is crucial. It’s also important to know what’s coming up.
But even if you’re just curious, knowing the future of 2021’s real estate market will provide plenty of economic education.
So keep reading for our five predictions about the real estate market in 2021. If you’re planning on diving into the market, knowing what it will look like this upcoming year is key.
1. Incredibly Active
Sales in 2020’s US housing market faced historic lows, with the pandemic restricting people’s buying and selling power. But in stark contrast, 2021’s housing market will be teeming with activity.
The housing market did not enter this year with much improvement. But lifts in pandemic-related restriction and the increase in COVID vaccinations will stimulate the housing market.
For many parts of the US, people are transitioning back to a routine that resembles pre-pandemic life. This transition might provoke a desire for change. Whether that be closer to a new job that started remotely or to experience a better view, buyers are becoming more active.
2. Homebuyer Focus Shift to Suburbs
After an entire year of being cooped up in their homes, many homeowners want more space. This applies especially to city-dwellers who want more space beyond what an apartment unit usually provides.
The suburban housing market in particular is ruthlessly competitive. But that doesn’t mean that people aren’t interested in metropolitan living anymore. All this means is that among all the improvements the housing market will see, it will witness the most for suburban housing.
3. More Houses Being Built
Property developers know an opportunity when they see one. They understand that the real estate market in 2021 is chockful of opportunities. This realization will lead to a lot of building projects to accommodate both their selling power and buyers’ demand.
4. Housing Supply Shortage
Despite the increase of building projects, 2021 will still experience a constant housing supply shortage. This doesn’t mean that buyers aren’t buying.
On the contrary, this means that so many buyers are buying that homes don’t stay on the market for long. It’ll much easier for real estate sellers to sell than it will be for buyers to buy.
5. Increased Profit for Sellers
What these real estate predictions indicate is that sellers have a great financial advantage in 2021. With so many homeowners relocating, selling a home is a lot easier and way less risky.
Between buyers and sellers, sellers hold the cards this year. If there’s any great time to enter the housing market as a seller, it’s now. Anyone interested in investing in great financial opportunities can head over to Reaofco.com for real estate training.
Take Advantage of the Real Estate Market in 2021
The real estate market in 2021 is going to experience a frenzy. Whether you’re a homebuyer or a seller, the hunt for a home is steeped in competition and chockful of activity.
If this article helped you understand what’s going to happen to the housing market this year, click on our other posts! We’ve got plenty of other content that’s just as informative.