The COVID-19 pandemic has disrupted the real estate and every other industry, and it's challenging to realistically make housing market predictions for the following years. Even if the pandemic locked people inside their houses, real estate agents still manage to match properties with buyers, and so September 2020 brought 6.54 million in sales. What does it mean? The market is heading to a slow but steady growth because in March, right at the beginning of the pandemic, the market registered only 5.27 million in sales.
The real estate market continues to recover amid the health crisis, and while some sellers would think twice before selling their properties at prices lower than the previous year, buyers will demand home amenities that boost their comfort when spending extensive time isolated at home. Homebuyers are willing to pay more for houses with quality features in sought-after regions. After being isolated in their homes for months, they are ready to change them for newer ones that provide increased comfort.
If you're a real estate agent and want to attract clients, focus on the properties with the following amenities because they're at great search in 2021. However, these are general predictions, and consumer tastes may vary by region, so also research the local market to understand your audience thoroughly.
Real estate agents need to add to their portfolio houses that have a backyard area because, in today's context, outdoor living spaces have earned the status of valuable home features.
When a buyer sees a house with a lovely patio, they start to envision themselves barbecuing, reading a book, playing with their children or pets, or just sitting outdoors with their friends and having fun. In 2021 people will look for houses with outdoor areas because if another lockdown forces them to isolate at home, they want to have their own garden to breathe fresh air and enjoy the sun rays.
With home renovation shows growing more popular daily, buyers expect to purchase houses with the eye-catching features they see on TV. When they search for places, they're looking for outdoor fir pit areas with comfortable seating and maybe even a pool.
Lately, closed floor plans have taken a backseat to open floor houses that combine functionalities and rooms. But even if an open layout maximizes a place, some buyers prefer the charm of the closed floor concept because it has the warmth of late-night family dinners in the middle of the winter. This means that in 2021 people will look for houses with a dining area from the kitchen where they can welcome their guests and spend a cozy evening.
Most people associate open plan houses with sitting at the kitchen island and having a quick bite or an informal meal. But they add a dining room a certain importance because they have a special room where they can welcome their guests.
Real estate agents should expect buyers to look for modernized dining room areas with new flooring, decorative hardware, recessed lighting, and switch plates.
Even open-plan houses can accommodate a dining space that feels separate by adding a suspended lighting fixture that defines the area. People would take as a dining space, even an area separated from the kitchen by decorative columns that compartmentalize the room.
Homebuyers consider a robust Internet connection vital with soaring numbers of people going online to complete job-related tasks. Real estate agents should be prepared to answer broadband connection-related questions when they present a property to their clients because people now consider broadband as another utility, together with electricity, water, and gas.
People want a home with a superfast network that allows them to perform their work effectively. In 2021, buyers demand fiber-optic hyper-fast speeds, whether working from home, streaming entertainment, or using the Internet of Things to power their home appliances. Families caring for elders or chronically ill patients also need fast internet because tele health equipment requires a steady connection. When caring for a patient struggling with a chronic condition, people prefer telemedicine because it allows them to consult experts without leaving their house's comfort.
Realtors will meet clients who are willing to purchase a house only if the property has high internet speed. Unless the seller or real estate agent can prove the house has a high-speed broadband connection, they won't proceed with the purchase.
Virtual tours aren't a feature of the house, but real estate agents should be ready to create virtual tours for each property they sell. There's no way around it because COVID-19 changed the way people visit houses before purchasing them. With social distancing in full effect and no signs for the virus spread to stop, real estate professionals need to find new ways to keep their job running forward.
In the past, open houses have been the best tool realtors could use to generate buyer interest, but now that they are no longer allowed to host events for large groups, they need to turn to technology to support their entrepreneurial efforts.
Virtual 3D tours aren't new in the housing market, but they're gaining more popularity now that COVID-19 limited the number of tools real estate agents can use to show properties.
Walk-in closets have been a top demand of home buyers for some years now. Couples generally prefer houses with a walk-in closet because it allows them to share the same space. They want the flexibility of storing their belongings without crowding them in a piece of furniture that may break under the weight. Walk-in closets host more than clothes, they keep from accessories to jewelry and shows.
These additions also make it easier to keep the space organized because of its size. Some buyers even look for houses with rooms converted to serve as closets, especially if they prefer empty-nest houses. It's essential to ask the client what their preferences are in terms of storage before picking a list of places they can check.
Even if it's almost impossible to make real estate market predictions for 2021, some trends don't disappear overnight, and this article focused on the ones that are here to stay for more than the following year.