How has 2020 changed home buying and selling? Today I’ll explain.
In the real estate market, some of the changes that 2020 brought have stuck with us, and today I’ll share three reasons why that might be a good thing.
1. There are new preferences among buyers. These days, people are looking for space and affordability, and that’s driving the trend away from big cities and into suburbs. According to the National Association of Realtors, homebuyers in the largest cities spent more time checking out suburban listings than homes near the city center, which isn’t typical. And it’s not just location preferences that are changing; since so many people are working from home, homes with an office sell faster and for far more money than homes without one.
2. There’s more interest in homeownership. Since last year, the number of first-time homebuyers has risen sharply. Now, 20% of adults who don’t own homes say that the pandemic has caused them to want to purchase a home. As a result, first-time buyers now comprise 34% of the total number of buyers out there. Compare that to 2018 and 2019, when first-time buyers only made up 31% of the market.
3. It’s faster and easier than ever to buy a home. With all the high-tech innovations that 2020 brought us, like 3D home tours, drone footage, and virtual staging, a whole new level of convenience was introduced to the home-buying process We also witnessed some really mundane but meaningful innovations, like having phone-based access to homes for sale or the ability to hold remote consultation appointments, mortgage pre-approvals, inspections, appraisals, and even closings. As a result, buying and selling became faster, easier, and more convenient.
So what does this all mean for you in 2021? If you’re thinking about selling a house, you’ll likely have a very easy time of it. Demand is sky-high, and if you list your house for sale right now, you could sell it quickly and for top dollar.
If you are looking to buy, the good news is that around the Portland area, sellers are adapting quickly to new conditions. As such, many beautiful homes have recently entered the market.
Whether you’re buying, selling, or working toward building your real estate investment portfolio, if you have any questions, please feel free to give us a call. Our team is here to help.