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LATEST REAL ESTATE MARKET REPORT:: https://bit.ly/2LaNqzH
The pandemic has certainly affected every sector, but residential real estate has been very resilient. The real estate sector has emerged as a pillar of support for the economy.
According to economists and market watchers, home values are growing at their fastest pace in a generation, and are showing no signs of slowing down in 2021.
Buyers have to face more competition and act more quickly than usual to snag their dream home. That's how hot the real estate market has been throughout the pandemic. Although many were laid off it didn’t prevent house hunters from buying homes across the City.
The pandemic has really knocked down homebuilders' ability to fill the housing supply as they are running out of land. The housing market has already been running too short of previously owned homes.
Both the inventory of homes and mortgage rates are now at their historic lows. The rise in remote work has also sparked a new suburban boom and the scarcity of developed land means that builders could be unable to meet the rising demand and home prices would continue to rise in 2021. One thing that has been talked about a lot is that suburban housing markets are booming because of outbound migration from cities. The pandemic has caused some homebuyers to search for homes in a different area than originally planned.
Various surveys indicate that interest in rural areas and suburbs is up and interest in urban areas is down. The pandemic has increased the desire for houses with a bit more space and a garden. Couple that with record-low interest rates, and prices are rising dramatically all over the City from urban-to-suburban markets.
You might have some questions about the local real estate market. Getting answers to these questions is crucial if you plan to move this spring or summer. But, even if it’s just for curiosity, it’s always good to stay up to date on what’s happening in the real estate market.
So, please, don’t hesitate to reach out to me. I’m here to help.
Stay healthy, happy and well,
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Direct: 647-801-3401
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