Topics Trending In Real Estate Today
New hot subjects are always emerging
The real estate market is always changing with new trends coming about at various times. Nowadays there are a few hot subjects that are imposing their effects on the market which are important to pay close attention to if you are buying or selling a home soon Here is some information on what is currently happening per a recent report by the Counselors of Real Estate (CRE).
Working From Home
The pandemic has had a big impact on the “at home” needs for everyone in terms of what and where their home is. The need for more space for a variety of activities but namely a home office has been of utmost importance. Furthermore, with remote work the location of where one actually resides is less important where a commute is not necessary. Therefore buyers are looking to move to more desirable or less expensive locations as a result.
The report notes: “…the pandemic universally caused a movement away from urban cores, particularly for those with higher incomes who could afford to move and for lower-income individuals seeking lower costs of living. Most of these relocations remained within their original region—84%—and, while some are returning, it is unknown as to the permanence of these movements or whether they represent a true urban exodus.”
Technology Needs and Development
With the restrictions and limitations that were presented over the past year the real estate industry has adapted by relying on more technological tools. These include virtual tours, video chat and digital documentation as just some of the things that not only have made transactions possible but have also increased efficiency. We anticipate seeing these things remaining here to stay going forward.
Inventory Levels And Home Pricing
The entire United States shares the common challenge of a shortage of affordable and available homes for the population’s needs. However, regardless of rising prices, historically low mortgage rates are making homes more affordable. The National Association of Realtors (NAR) has released some good news with inventory showing an increase of 3.3% from May to June with existing home sales following this trend increasing by 1.4% in all major regions of the country. Homes stayed on the market for 17 days in June of this year which is significantly lower than the 24 days we saw in June of 2020.