With so many significant changes in 2020, we expect to see some major developments in 2021 real estate trends. This is due to the pandemic, it has changed how many people think about housing and work.
We’re expecting more people to move out of cities or away from their offices because they no longer need to be close to work. House hunting will continue to be affected by social distancing until we all can get a vaccine. And, younger people will realize they can afford more property than they thought.
Suburban Growth and Working from Home
Two big trends coming in 2021 are caused by the changes in 2020 to work and society. With so many people starting to work from home, realtors have seen an increase in people looking to move out of cities. They want space and safety in their preferred neighborhoods rather than commuting convenience.
The growth in buyers wanting to move to the suburbs is a direct result of the Covid-19 pandemic, people are realizing they can work from home. Those who used to live in a city have quickly realized they can get much larger housing for the same or less money as they would in a city.
Moving away from urban centers has also become a trend because of unrest and protest that we’ve seen in larger urban areas in the past twelve months. As we move into 2021, this trend for buyers to seek homes in less congested areas will continue.
Virtual House Hunting
Another 2021 real estate trend is the move to online house hunting. Whereas home buyers have always wanted to visit houses in person as part of buying a new home, the pandemic has meant that more people are willing to view homes through virtual appointments. This is a significant change in how realtors and buyers operate.
Expect to see improvements in virtual home tours as we move into 2021, as we’re still practicing social distancing and dealing with the effects of the coronavirus.
Millennials Moving Up
Millennials are one of the fastest-growing homeowner demographics. Moving into 2021, more millennials will enter the housing market. They will soon account for more than half of all home buyers.
Millennials buying homes also ties into the first of the 2021 real estate trends we discussed. In the past, the youngest age demographic segment tended to look to rent or buy in urban or downtown areas. However, with remote work becoming more accepted, millennials are also joining the hunt for homes outside of cities.
Part of this trend is that millennials realize they can now afford more of a house than before if they swap high-priced rent in cities for land and square footage in the country or smaller towns. This change in mentality leads to the trend of millennials “moving up” in the housing market.
Keep an Eye on 2021 Real Estate Trends
As you can see, the changes that have occurred in all our lives will keep affecting real estate. We’ve highlighted three of the biggest 2021 real estate trends here because they are going to change how you think about buying your next home.
Remember, cheaper, larger, safer property outside or urban, downtown locations are booming. Improving technology will make house hunting virtually much better. And, the market is getting an influx of younger buyers with money to spend.
For more advice on real estate, get in touch with us today.