If you’re a prospective buyer or seller, it’s important to understand the current real estate market conditions and how they affect you. Here are three hot topics impact today’s housing market:
1.Technology Acceleration and Innovation- This past year ushered in many changes to the real estate industry, especially when it comes to technology with the lockdown and pandemic. Innovations like digital documentation, virtual tours, and video chat enable agents to connect with clients no matter their location. These options are ideal for prospective buyers and sellers who aren’t local to the area or those that need the added flexibility signing documents online or doing virtual tours provide. That’s why many trusted real estate advisors will continue to use these technologies moving forward to best serve their clients.
2. Remote Work and Mobility- Working from home became the reality for many individuals during the pandemic causing a movement away from urban cores. With the added mobility remote work offers, where people are moving and where they can ultimately purchase a home is less dependent on a physical office location. This newfound flexibility is giving remote workers the opportunity to move to more affordable areas and buy more home for their money.
3. Housing Supply and Affordability- the limited supply of houses for sale and the related affordability. The good news is homes are still more affordable than they have been historically thanks to today’s low mortgage rates. And while housing supply is still low, we’re seeing a steady increase in the number of homes coming to market, which gives hope to homebuyers. As the supply of homes for sale improves, buyers will have more options.
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