As a new year comes around and we begin to see the light at the end of the pandemic tunnel, many are looking towards buying a new home. You may be buying their first home after living in a rental or an apartment for a few years. You might be preparing for a big move, or you might just want a change of scene after being at home for so long. If you’re planning to go into the housing market soon, it can help to know the trends so you know what to be prepared for.
High Demand, Low Supply
The truth is, given the past year, there are fewer people selling their homes than there might be usually. This means that there are more homebuyers on the market, looking for their next home, than there are available homes. The listing price of homes will likely go up, and you might have to make some compromises. It helps to get pre-approved for a mortgage before you go house hunting, as this will make you stand out amongst other buyers.
The Suburbs Are Back In Style
While most young professionals have preferred to live in the heart of the city, the necessary rise of work-from-home has led many to start to reconsider the suburbs. In the suburbs, you can find more space for less money, which is great if you have a growing family and you’re currently working from home. Even if you have multiple roommates and just want more elbow room, the suburbs are becoming an attractive option.
If you’re been searching the main housing listing websites, you’ve likely seen a few listings that say “virtual tours only.” In this age of social distancing, even sellers and real estate agents want to take precautions. Thankfully, virtual tools are more advanced than ever, so you should still be able to see what you need to see before you decide to make an offer. If you are able to have an in-person tour, make sure that you wear a mask.
The real estate market of 2021 can be a difficult one to navigate. While some things seem promising that we are moving out of this pandemic, there are still precautions that have to be taken. It’s for this reason that it helps more than ever to have a real estate agent. Your real estate agent can walk you through the real estate market of these unusual times and help ensure that you find the home of your dreams. Need help entering the housing market? Contact Vsells & Associates today for more information.