The real estate market in 2021 has been full of surprises. Following the impact of COVID-19, the residential real estate market has experienced an unprecedented boom.
From remote work to other lifestyle and buying shifts, the market is in flux. So, how can developers and buyers navigate these changes? What will happen to residential real estate development in 2021?
There are trends and residential real estate news you need to know. From virtual technology to discovering new markets, this overview can help you better understand real estate right now. Read on to discover the top three things anyone interested in buying, selling, or developing residential real estate needs to know in 2021.
1. Embrace All Things Virtual
From small independent real estate companies to top residential real estate firms, 2021 continues on the virtual road. Real estate companies and buyers are collaborating digitally more than ever before. For example, showings, open houses, and closings can be completed virtually.
Virtual meetings are easier to coordinate and more time, and cost-efficient. For example, residential real estate developers no longer have to coordinate schedules to visit new sites or scope out properties.
They can use technology like virtual video and other platforms to evaluate properties and quickly make decisions. This helps to increase the speed and frequency of real estate transactions and expose markets to larger audiences.
2. The Country Boom
Has country real estate overtaken urban real estate? Since the onset of the COVID-19 pandemic, many buyers fled urban properties searching for more land, quiet, and country living.
In 2021, what is the future of residential apartment development? Will buyers purchase skyscraper units? Will urban real estate standbys like New York City or downtown Los Angeles maintain the value?
It’s too early to tell if this country shift will be permanent or temporary due to the pandemic. But, if developers have country land, now is the time to capitalize on the market and sell when the demand is high.
3. Keep Up With Demand
The current market is in a boom. That’s not to say all residential real estate markets are on the upswing. Buyers still need to research and closely evaluate any potential real estate investment.
According to residential real estate metrics, the market in 2020 was well under housing inventory levels by nearly 4 million. That means in 2021, as the demand continues steadily or increases, there will be an increased need for residential homes on the market.
Buyers are ready to sign, so sellers need to keep up with the demand. This translates to banks. There will likely be an increase in residential real estate loans as an effect.
Residential Real Estate Development is Changing in 2021, Are You Prepared?
Residential real estate development has seen many changes from 2020 that continue to impact the 2021 market. 2021 shows real estate professionals and buyers must embrace technology to make easier and more efficient transactions.
Shifting buying habits like the preference for country real estate over urban centers may continue to grow this year. And, as the real estate market booms, developers need to keep up with this demand. If you found this residential real estate insight helpful, check out our other real estate stories.
