Key Takeaways:
- Many experts believe that the 2020 real estate boom is only expected to increase in 2021.
- The pandemic has left a lasting impact on many people. The desire to spend more time at home has become a driving force behind why people are choosing to invest in homes.
- The competitive real estate market may make you pause, but the Ann Milton Team is here to help. Contact our team today for any help you may need in buying or selling a home!
Why Is Now Such a Popular Time to Invest in a Home?
You may have seen the headlines, or perhaps scoured listings for days now. The rumors are true. The real estate market is extremely competitive right now, and homes are going quickly. Potential homeowners are taking advantage of record-low mortgage interest rates to expand their space as our country continues to work from home. Potential buyers are eager to avoid renovations, increase their financial portfolio, and have more usable outdoor space. These driving forces have caused many homes on the market to sell quickly and sometimes even over the original listing price.
Near or far, it doesn’t matter where you are
Due to the pandemic, almost twice as many Americans now work remotely instead of commuting into the office every day. While this transition to working from home greatly benefits the environment with less traffic on the roads, many people have begun to feel cramped in their living quarters. Remote work seems to be the new normal for businesses across the nation and doesn’t appear to be halting any time soon. This has shown many people that being close to work is no longer a necessity, and they are able to invest in themselves by moving a little further outside city limits.
Free to be
As many Americans consider home options that are further away from their jobs, they are starting to determine what they want in a home. Outdoor space was a top priority for those looking to become homeowners. This is a trend that we can expect to continue to rise for years to come. After being forced to stay inside for so long, people are eager to have their own personal outdoor space where they can enjoy time in nature. By investing in a home, homeowners are able to create and make their outdoor space into their own personal sanctuary.
To renovate or to list?
Additionally, people are eager to move into a home this year to diversify their financial portfolio. Mortgage rates are at all-time lows, which will allow for smaller payments on homes over time, essentially saving buyers more money. Many existing homebuyers may choose to buy a new home instead of renovating their current home in an attempt to save money as well. There have been numerous cases where homeowners prefer to move into a new home that will immediately fit their needs rather than try to fix up the one they have. For many, the hassle and stress of a renovation does not outweigh the benefits of moving.
The Ann Milton Team Has the Answers You Need to Invest in the Home of Your Dreams!
Still debating if now is the right time to move? Reach out to our team today to ask any lingering questions about jumping into the real estate market. If you are a buyer or seller, we have the resources available to assist you in your real estate ventures. The Ann Milton Team is an expert on all that the area has to offer, and we are happy to be your local guide during this competitive time on the market!