Are you wondering what the Real Estate Market will look like moving forward and how that affects you now? Take a look below for some insight.
LOW HOSING INVENTORY
At the end of last year, inventory was tight and homes were selling quickly. Look out for similar patterns in 2021 that lead to favorable conditions for sellers and a competitive market for buyers.
WE NEED MORE SPACE!
Homes with extra rooms and closed floor plans are more appealing to buyers looking for space to accommodate home offices, gyms, etc. Properties, with ADU’s (accessory dwelling units) like a granny flat or converted shed may also attract multi-generational families or those looking for rental income.
THE MARKET IS REBOUNDING
Following the uncertainty of 2020, the real estate market has quickly rebounded to pre-pandemic levels, and remains one of the earliest industries to do so.
INCREASED BUYER DEMAND
Many millennials have fast-tracked plans to buy with the money they saved while staying home. Plus, mortgage rates continue to hover at historic lows, making home ownership more affordable for many. This year could be a perfect time for those with secure employment to buy.
A COUNTRY ON THE MOVE
As circumstances change and businesses offer more opportunities to work remotely, Americans are moving across the board. They aren’t just moving from citities to suburbs-in some cases, they are switching from city-to-city, suggesting that many urban markets are still quite healthy.
A FEW THINGS TO CONSIDER IF YOU ARE THINKING OF A MOVE THIS YEAR.
Ask yourself these questions…
Are you financially secure?
If you have steady income and you’re able to secure a down payment, now is a good time to enter the market, since low interest rates will make your monthly mortgage payment more affordable. Otherwise, keep saving and revisit your search later this year.
Does your job allow for extended remote work?
Employees with a flexible work-from-home policy don’t necessarily need to live in the same place they work. This can lead to housing opportunities in neighborhoods you hadn’t previously considered.
How often do you find yourself needing more space?
Could benefit from an extra room or two. Consider upgrading this year while market conditions are solid. If you’d rather renovate your current home, I can help connect you with a trusted contractor!
Are you happy with your current location?
This is the perfect time to find a great deal in your dream location.
I am always here to answer any questions you might have about the current Austin market. It is constantly changing and I am in the trenches. Reach out!
The Austin Real Estate Market statistics are further explained in this video.
*Sources:
Buffini & Company, “Existing-Home Sales Hit Highest Level Since December 2006,” National Association of REALTORS, Nate Robinson, “Housing Market Rebounds as States Reopen from COVID-19” GlobeSt.com, Clare Trapasso, “How the Pandemic is Helping Some Millennials Realize Their Home0Buying Dreams,” Realtor.com, Zillow Research “Zillow 2020 Urban Suburban Market Report”, Marie Patino, “What We Actually Know About How Americans Are Moving During Covid,” Bloomberg News.
