3 Things for Buyers to Know About the 2021 Market
The current real estate market is strong and listings continue to move. As people look toward the other end of the pandemic, many are ready to buy. Even with the uncertainty of COVID-19, there are some emerging trends for 2021 that show great promise for prospective real estate buyers and that should prompt sellers to list their properties.
The real estate market continues to evolve and change; here are three things for buyers to expect in 2021:
1. Rates are Still Low
Buyers can breathe easy in 2021: mortgage interest rates will continue to be low. Experts suggest that interest rates should remain around 3% well-into 2021, the lowest in nearly 30 years. This should be encouraging news for prospective buyers. Furthermore, if you are selling a property, know that buyers are motivated now, while rates remain low. Since they could fluctuate later in the year, it makes sense to take advantage of this market trend and list your home sooner rather than later.
2. Investing in Rentals Makes Sense
So, what if you are thinking about investing in real estate? Real estate is an excellent way to diversify your portfolio- as well as bring in rental income during tough times. Speaking of rentals, investing in multifamily properties like apartments or even single-family dwellings makes sense right now. The need and demand for family rentals continues to be on the rise- and insiders predict a shift and rise in 2021 and post-pandemic.
3. Everyone is Online These Days
The pandemic really showed the world what you can do from home. The internet made it possible for millions to continue to work and get paid during a difficult and scary time. The real estate industry is no different; online services, mobile closings, and virtual real estate agents make it possible to resume work as usual during a very unconventional and unpredictable time.
It merits mention that another trend that buyers and sellers, alike, will see in 2021 relates to making the most of the home. Since many are still confined to home amid pandemic pressures and worries, comfort and functionality have never been more important in the home living environment. Privacy, outdoor space, and self-sustainability remain key features that many homeowners strive for and that prospective home buyers seek.
Some other property features that buyers are looking for in 2021 include:
- Dedicated den or office space, particularly for at-home workers.
- Outdoor area and greenspace adequate for recreation during social distancing.
- Natural, native landscaping that is easy to maintain and eco-friendly.
- Clean, modern appliances and amenities.
- Features that promote sustainability, like homes made from recycled materials or that use solar power.
- Smaller, easier to maintain dwellings with outdoor living space and privacy.
While the market is currently hot, the goals and priorities of potential buyers is shifting. As Americans spend more time at home, they are better able to curate and identify what really matters in their dwelling. Are you ready to buy? Come talk to Team Hensley, in Richmond and Midlothian, VA, to learn more!