Last year brought about many adjustments to all aspects of business. The real estate market was no exception. It’s important to get an idea of what’s to come as we move into the new year and begin to navigate through the changes. Here are the “Three I’s of Real Estate” in 2021!
Interest Rates
The historically low interest rates have carried over from 2020 into the new year, but experts say it won’t last. The current interest rates are propelling the market forward only temporarily, which helps with the overall costs of buying a new home. However, the rates are likely to begin ticking upward over the next year. Searching buyers are encouraged to take advantage of the current market and seal the deal on a new home before it changes! The low interest rates may mean homes are selling quicker, but it can also give buyers some extra room in their budgets to expand their search for the perfect home.
Inventory
All over the globe, low real estate inventory is driving prices up and making it a bit more difficult to close a sale. In addition to countless other moving parts in the world, this means there is less housing inventory available. Low inventory also has the potential to raise prices in an already competitive market. Although some experts predict inventory to increase as the year goes on, there are also many indicators that the inventory will remain constricted until the end of 2021. Real estate agents are encouraged to keep an eye on the market for any changes in order to stay ahead of the competition!
Internet Access
Working from home has become a common occurrence in many kinds of businesses. Thanks to the internet, real estate agents are able to help their clients buy and sell from the comfort of their homes! In turn, internet access has provided many with the ability to increase their options and relocate with more flexibility. Technology like Matterport and collections of listing photos allow out-of-towners to tour online and get a feel for a home without stepping outside. Local real estate agents are able to do the looking and report their findings back to the client with ease. In 2021, internet accessibility is expected to be a necessity!
What other things do you expect to see in 2021? Let us know what you think below!
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