No one had the idea that COVID-19 would be changing the real estate market this drastically. But it did, in a positive way! These are the top 3 trends that we’ve witnessed the last year, and are still happening this 2021!
Housing Trend 1: Fierce Buyer Competition
The main driving force of the surge of homebuyers was the very low mortgage rate! However, since there are more buyers coming in, the demand for houses became very high. Added to that, the sellers are few. The ball has been in the court of the sellers for several months and is still is as you read this article.
Speaking of fierce competition, check out which has group outnumbered the other in buying homes: single men or single women.
Housing Trend 2: Surge of First-Time Homebuyers
As compared to the previous years, 2020 has a large percentage of first-time homebuyers braving the market all because of the all-time low mortgage rates. 33% of the buying population last year were the first-timers who took advantage of such a great opportunity.
Housing Trend 3:From the City to the Suburbs
Since more people have to work remotely to avoid contact with others, there is more freedom to choose their location. Without the need to stay in a place near an office, the suburbs have been attracting many buyers since they provide more space for a home office and online class set-ps, and give a more relaxing ambiance as compared to the city.
Moving on to the year 2021 surely brings a lot of uncertainty but understanding these housing trends brought by COVID-19 last 2020 will give us a direction on the best steps to take especially when deciding to finally buy that new home or selling your current one for a better space for your family.
Still afraid to make your move? Find out why we are not in a housing bubble this year.