Top 10 real estate industry trends

2020 is finally over; however, some things are not yet finished. There are currently many waves that are expected to drive new trends and changes in the real estate industry of 2021.

Many experts were afraid to break the news to the public surrounding COVID-19 because they realized that the pandemic could interrupt home sales throughout the remainder of 2020 and even spill over into 2021. Still, as lockdowns took hold across the world, some areas of the industry experienced significant sales increases from November to December 2020, worldwide.

Real estate has proven to be an evergreen industry even as lockdowns have spread into 2021. As such, you’re going to want to keep up-to-date with all of the latest real estate industry trends to keep you relevant and in the competition. Without further ado, let’s take a closer look at some of the potential trends that are expected to occur this year.

Lower mortgage rates

We have recently seen low mortgage rates, which has been great news for most home buyers. Beginning in 2020, rates dropped to as low as 2.3%. According to the experts, these interest rates could increase to over 3% by the end of 2021 — still, this is low.

As a result, more and more folks are taking the opportunity to refinance or attain a specific mortgage for their future. The key here is to find the right professionals who can help you manage everything else.

Lower interest rates can be a huge benefit for buyers as they have more installment methods to choose from. If you are prepared, thanks to the high affordability, you can save more money on a monthly basis. Just keep in mind, before you do so, make sure you consult with some professionals first.

These low rates are an advantage for sellers too as the decrease in interest makes it easier for buyers to purchase properties. Keep in mind, these interest rates could increase by the end of the year, so, if you want to gain more profits, make sure to keep your properties in the listing for a long period of time.

Ability in regard to shopping for properties online

Online real estate services have never been so significant as they are now. When you browse online, you can easily find web-based listing and services that are navigable and easy to use. All you need to do is visit the site, browse options, and click on the homes you are interested in.

Even sellers can easily find properties for flipping with the help of these online real estate services. Real estate industry trends like this are very fruitful, especially during the pandemic.

Providers will purchase properties from you, then resell them at a higher price. The other good news is that they’ll even handle necessities such as home inspection, renovation, paperwork, commission splits, and so on.

If COVID-19 protocols have prevented you from using a traditional real estate agent, you can even work with a virtual agent with a bit of online searching.

Online closings are also fully possible now. With some trustworthy platforms, all you need to do is send your e-signature, electronically, through online notarization systems to finalize the purchasing or selling process. This makes it easier for both buyers and sellers to finalize a deal without barriers or interruptions.

Significantly low inventories of 2021

This could be one of the most surprising real estate industry trends to date: since November 2020, real estate inventory has been significantly low.

According to the statistics, the inventory decreased to 20%. keep in mind that this percentage can differ from one city to another. However, one thing is for certain, sellers have run out of houses for sale over the years.

Low inventory can be defined as limited options when looking for a potential property for investment.

Back in November of 2020, reports showed that 8 out of 10 houses were sold on the market. Keep in mind, all of this occurred in less than a month. Contrary to the popular belief, it was even easier to attain more affordable properties.

If you have noticed high competition on the platforms you have been searching, then it may be time to consider searching in another location with more opportunities.

Gone are the days when we could simply pinpoint homes in popular areas. The real estate industry trends have shifted. As a result, you can now find hidden gems in more obscure areas. If you’re a buyer, you’ll have a better chance if you hire an expert to help you out.

Prices won’t stop rising

Prices tend to get higher and higher as time goes on. Based on statistics, currently, prices are up to 15% compared to 2020. Experts have predicted that this percentage will keep rising until the end of 2021.

Higher prices can be a good or bad thing for buyers. If you’re a buyer, you know the takeaways if you purchase now from the hefty market. You could save around 20% on a down payment. Still, some people focus more on increasing the size of their down payment so that the monthly installments remain small. Saving up for a big down payment will give you a lot of benefits when you choose a plan for your new house.

For sellers, increasing your margin is a huge opportunity. Many agents on the field have recently stated that they can obtain high profits from the current market. Again, your chances will be much greater if you work with local sellers.

Considering this list of real estate industry trends, what trends interest you the most?

2020 is finally over; however, some things are not yet finished. There are currently many waves that are expected to drive new trends and changes in the real estate industry of 2021.

Many experts were afraid to break the news to the public surrounding COVID-19 because they realized that the pandemic could interrupt home sales throughout the remainder of 2020 and even spill over into 2021. Still, as lockdowns took hold across the world, some areas of the industry experienced significant sales increases from November to December 2020, worldwide.

Real estate has proven to be an evergreen industry even as lockdowns have spread into 2021. As such, you’re going to want to keep up-to-date with all of the latest real estate industry trends to keep you relevant and in the competition. Without further ado, let’s take a closer look at some of the potential trends that are expected to occur this year.

Lower mortgage rates

We have recently seen low mortgage rates, which has been great news for most home buyers. Beginning in 2020, rates dropped to as low as 2.3%. According to the experts, these interest rates could increase to over 3% by the end of 2021 — still, this is low.

As a result, more and more folks are taking the opportunity to refinance or attain a specific mortgage for their future. The key here is to find the right professionals who can help you manage everything else.

Lower interest rates can be a huge benefit for buyers as they have more installment methods to choose from. If you are prepared, thanks to the high affordability, you can save more money on a monthly basis. Just keep in mind, before you do so, make sure you consult with some professionals first.

These low rates are an advantage for sellers too as the decrease in interest makes it easier for buyers to purchase properties. Keep in mind, these interest rates could increase by the end of the year, so, if you want to gain more profits, make sure to keep your properties in the listing for a long period of time.

Ability in regard to shopping for properties online

Online real estate services have never been so significant as they are now. When you browse online, you can easily find web-based listing and services that are navigable and easy to use. All you need to do is visit the site, browse options, and click on the homes you are interested in.

Even sellers can easily find properties for flipping with the help of these online real estate services. Real estate industry trends like this are very fruitful, especially during the pandemic.

Providers will purchase properties from you, then resell them at a higher price. The other good news is that they’ll even handle necessities such as home inspection, renovation, paperwork, commission splits, and so on.

If COVID-19 protocols have prevented you from using a traditional real estate agent, you can even work with a virtual agent with a bit of online searching.

Online closings are also fully possible now. With some trustworthy platforms, all you need to do is send your e-signature, electronically, through online notarization systems to finalize the purchasing or selling process. This makes it easier for both buyers and sellers to finalize a deal without barriers or interruptions.

Significantly low inventories of 2021

This could be one of the most surprising real estate industry trends to date: since November 2020, real estate inventory has been significantly low.

According to the statistics, the inventory decreased to 20%. keep in mind that this percentage can differ from one city to another. However, one thing is for certain, sellers have run out of houses for sale over the years.

Low inventory can be defined as limited options when looking for a potential property for investment.

Back in November of 2020, reports showed that 8 out of 10 houses were sold on the market. Keep in mind, all of this occurred in less than a month. Contrary to the popular belief, it was even easier to attain more affordable properties.

If you have noticed high competition on the platforms you have been searching, then it may be time to consider searching in another location with more opportunities.

Gone are the days when we could simply pinpoint homes in popular areas. The real estate industry trends have shifted. As a result, you can now find hidden gems in more obscure areas. If you’re a buyer, you’ll have a better chance if you hire an expert to help you out.

Prices won’t stop rising

Prices tend to get higher and higher as time goes on. Based on statistics, currently, prices are up to 15% compared to 2020. Experts have predicted that this percentage will keep rising until the end of 2021.

Higher prices can be a good or bad thing for buyers. If you’re a buyer, you know the takeaways if you purchase now from the hefty market. You could save around 20% on a down payment. Still, some people focus more on increasing the size of their down payment so that the monthly installments remain small. Saving up for a big down payment will give you a lot of benefits when you choose a plan for your new house.

For sellers, increasing your margin is a huge opportunity. Many agents on the field have recently stated that they can obtain high profits from the current market. Again, your chances will be much greater if you work with local sellers.

Considering this list of real estate industry trends, what trends interest you the most?