The Many Ways Real Estate & the Housing Market Have Changed
Just when the housing market starts believing they understand the annual cycle of ups and downs when it comes to trends, something like a pandemic happens to showcase that anything is possible at any time.
The past two years have really shaken up what experts have come to expect in the real estate industry and much has changed since pre-pandemic times.
Here are some things we are seeing right now in this housing market:
Moving to the ‘Burbs
The move to remote work, and the closing of many corporate offices, saw a shift in where people choose to purchase property. If you can work from anywhere, there is no longer a need to pay the elevated prices of living in an urban center or to even live within the vicinity of your work. With options opening up for people, an interest in suburban living has increased. When you have more options to choose from, this changes the housing trends.
We Are Going Virtual
The pandemic forced the housing industry to come up with creative options to stay in business. Virtual tours are no longer just a nice novelty, the market expects them before making a decision to do an in-person tour. Not only that, but the push for virtual led to some technological changes such as virtual staging and remote appraisals.
Shortages & Supplies
One thing that the pandemic definitely escalated was the home shortage problem. One of the reasons it’s been such a hot market is because there simply isn’t enough inventory to choose from. Homeowners are not as eager to make a change right now and home builders have not been able to keep up with demand. Homebuilding supplies have become harder to obtain, raising the price of supplies (and, therefore, homes). While the market is showing some signs of cooling down, these shortages have caused the price of homes to soar and are benefiting home sellers much more than home buyers right now.
There are so many different factors that go into the health and wellness of the housing industry so next year’s trends will look much different than today’s. Regardless of whether you are thinking of buying or selling in 2022, you’ll need to start gathering a team of trusted housing market experts to help you navigate the ever-changing waters so you can make choices you won’t regret.
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