Real Market Conditions for the Real Estate Market
Are you looking to buy or sell real estate? Here are some real market conditions and how they may affect you and your choices when it comes to buying and selling in today’s market.
Stepping Up the Technology
The past year has showed much change in technology when it comes to the real estate market.
Social media posts, digital documentation, virtual tours, and video chat allow real estate agents to connect with clients no matter where they are. This is a great option for those thinking of buying or selling real estate in place where they are not. They can view property by video and virtual tour, chat online with their broker or sales associate, sign documents online, and even virtually attend a closing.
For those in the real estate industry, they are practices that will be elaborated on as a new way of doing business moving forward, even after COVID.
Working from Home and Being Mobile
Since COVID began, remote work and mobility have become an important factor to consumers thinking of buying or selling real estate. It also had an impact on people moving out of larger cities and into smaller towns with the same luxuries of the “big city”. Those that have higher incomes can move, and those who have a lower income stay in their own area, but look for lower costs of living like rentals in their own neighborhood or close by. Working remotely mobility. People can move, and where they purchase a home is less dependent on their physical office location. The flexibility gives those that work at home the ability to move to different or even more affordable areas. They can also get much more for their money in some cases when buying a new home at a new location.
Limited Housing Supply and Affordability
“According to the National Association of Realtors®, there is a chronic shortage of affordable and available homes needed to support our nation’s population.” However, homes are still more affordable than they could be because of low mortgage rates. The housing supply is still low, but there are some increases in the number of homes going on the market, which will give homebuyers some more options.
Summary
Technology advancement, working from home and the housing supply/affordability are key factors in the real estate industry right now for buyers and sellers. Want to know more? Give us call. We can help you better understand how these issues can impact buying, selling and renting real estate for you.
Source: (opens in a new window) https://www.cre.org/wp-content/uploads/2021/06/2021-22-Top-Ten-Issues.pdf
