Hot Topics In Real Estate Today
Read about what is trending these days in the market
The real estate market is forever changing with new trends emerging at all times. Nowadays there are a few hot topics that are imposing their effects on the market which are important to monitor whether you are buying or selling a home. Here is some information on what is currently trending per a recent report by the Counselors of Real Estate (CRE).
Working From Home
The pandemic has had a big impact on the housing needs for people in terms of what their homes are and where their homes are. Having more space for a range of activities but namely a home office has been of high importance. Also, with remote work where one’s home actually lies is less important where a commute is not necessary so buyers are looking to move to more desirable or less expensive locations.
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
With the physical restrictions and limitations that were imposed over the past year the real estate industry has adapted by utilizing more technological tools. For example virtual tours, video chats and digital documentation are just a few of the things that not only have made transactions possible but have also increased efficiency which will be here to stay going forward.
Housing Inventory And Pricing
The whole country shares the common issue of a shortage of available homes for buyer’s demanding 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 seeing 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 were on the market for 17 days in June of this year which is much lower than the 24 days we saw in June of 2020.