These are the 2021 real estate trends you should watch out for this year.
1. Sales After the Pandemic
While most though that post pandemic sales would result in a falling real estate market, experts are uncertain. There is prevailing uncertainty about the market right now. Banks are providing forbearance and the government is providing support. With these factors, the reality is that several parts of America will experience a housing shortage. The National Association of Realtors has concluded that prices should remain stable. In the short term, the uptick of sales will guarantee that.
The medium to long-term outlook is more uncertain right now.
2. Smart Homes
While IoT still needs time to reach popularity in 2021, this will be the year that buyers will focus on smart homes. Realtors will have to consider smart features as part of new purchases.
3. Potential Downturn
Several predictions have said that there would be a market downturn in 2021. Some economists have agreed that the economy will continue to face headwinds in the coming months. The year 2020 has completely baffled all experts. It’s strongly recommended to stay vigilant in the face of the pandemic.
4. Remote Businesses
Several big businesses like Google and Twitter have gone fully remote. They have even allowed their workers to work from home post the pandemic. This is because of the uncertainty around COVID-19. This means that the more time proceeds, more companies can enforce remote work policies indefinitely.
This may have two effects on the real estate market in 2021. The first is more realtors will work remotely. This may transform buyer preferences. The need for commercial real estate will be negatively affected by tis trend as well.
Watch out for these 2021 real estate trends as the year passes.