The NEW year is finally here, (collective sigh). To say 2020 was rough would be an understatement. How wonderful it would be if flipping our calendars could also flip our perspective! Though I have my doubts we will see an immediate change, I’m fully committed to ringing in tons of positive energy for 2021. Who’s with me?
In 2020, we learned the so-called “experts” have been playing the guessing game just as much as the rest of us. Sure, we can run the numbers and study the algorithms, but the reality is none of us truly knows what is in store for real estate this year. You’ll likely recall the early doom and gloom market projections of last year which were quickly turned upside down and sideways. Instead, we’ve been experiencing one of the strongest buying and selling comebacks in years!
As expected, 2021 predictions are all over the place, but the consensus is our market should stay strong. Interest rates are expected to stay low (at least in the short term) so the opportunity to purchase more home for your money is real. Property values/prices may continue to climb, albeit at a slower pace. Though new home construction is seeing an uptick, overall existing inventory remains low.
The design and layout of a home will remain an important driver of sales in the new year. With distance learning and remote work still very much a way of life, extra attention to private spaces, home offices and amenities will be top of mind for many buyers. Florida kids have a completely different experience than their northern counterparts. Here, outdoor lifestyles take center stage.
The migration of northern buyers will also continue. The prevalence of remote employment has given way to the idea of working from anywhere. Why not choose Florida? Afterall, if your office is also your home, give yourself the gift of beautiful weather and gorgeous sunny views! Water cooler breaks are easily replaced with a quick jog or a lap in the pool.
Long-distance purchasing will likely increase. In some cases, the rise in Covid-19 infection rates have prevented traditional home tours, with both buyers and sellers wary of in-person visits. This is one big reason homeowners should insist on great (not good) home photography. The iPhone snaps aren’t enough anymore. Sight-unseen buyers don’t want a surprise after closing so they rely heavily on highly detailed photography. This may even include drone captures of street and neighborhood views!
As the year progresses, please know we’ll be right here to give you the most updated market data available, along with tips and tricks for making your sale or purchase a successful one. Thank you for keeping us your favorite North of the River Realtor! From all of us at Leslie Wells Realty, we wish you a happy and HEALTHY 2021!