When buying a home there are often several questions that come up in the process. Where is the best location? How much will my closing costs be? How much can I afford? A major question that comes at the beginning of every year “What will the market be like this year?”
As agents this question comes up very regularly when speaking to our clients. Especially in the present climate as we face a global pandemic that has reshaped our lives in very unique ways. People who once had to commute into the office everyday are now able to work remotely. Remote learning for children along with sharing office space at home has changed how families can function in their current environments.
More than ever people are buying homes in areas they want to live in, versus areas they need to live in.
“Some consumers are turning to vacation properties as an appealing work-from-home option. The evidence is in the data showing home sales in vacation destinations around Lake Tahoe, the Smoky Mountains, and Atlantic Coast growing faster then in Metropolitan markets (Real Estate in 2021:Plenty of Reason for Optimism by Lawrence Yun)”
Home sales are anticipated to continue rising with about a 10% increase from last year. Interest rates are anticipated to continue to stay in the historically low 3% range.
For a more in depth look check out this REALTOR Magazine article