First Quarter 2021 Real Estate Trends

What You Need to Know

The coronavirus pandemic drove mortgage interest rates to historic lows for most of 2020. That, coupled with changing housing needs, led to an unusually busy real estate market.

Many buyers have flocked to the suburbs and outlying areas for more space, affordability and options not tied to an employer’s location.

What to Expect in the 1st Quarter of the New Year

Demand is especially high in neighborhoods outside of cities as working from home and virtual learning mean homeowners favor space and ideal home features.
The window for the best possible real estate deal may be closing.
While low mortgage interest rates have been an incentive to buy a new home, they’re also an incentive to refinance and stay in their current home longer, contributing to low supply.
It’s a good time to buy if you’re looking for a temporary office space or looking to live in a city.
Virtual formats are the new norm as real estate agents utilize live stream features, virtual tours for open houses and home listings.

Final Thoughts

Many homeowners are choosing not to relocate now – especially if they’re already in a house with plenty of space for remote work and virtual schooling.
All this extended time at home is shaping how we live, as well as what we want from our homes and where we want to live post pandemic.
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