An Outlook to the Real Estate Industry 2021

Information may not be reliable

2020 wrapped with uncertainty; we started our year with hope and growth. Unfortunately, we've witnessed a completely different scenario. It has affected all aspects of our life. Now we're at the end of 2020. The time is here to analyze the business world and plan for the next year. Let's talk about the real estate industry and the crucial drifts that are going to happen in 2021.

Home prices rise in the US

It is a fact; the home prices would skyrocket even in the next year. Several marketing studies have reported that 2021 is also going to behold rising in the home price due to inadequate supply and high demand. The median home price rose by 14.8%, which has been noted as the most considerable changes happened ever since 15 years in the industry. Since the pandemic has taught us to lead a new mode of life, people started coming back to the city for their work; hence, this trend remains to continue.

Housing Market Inventory Remain Strong

The information collected by the National Association of Realtors concluded that the housing inventory in the US diminished in 2020. The term inventory and supply point to the number of homes listed to sell in a given time; indeed, that number is considerably less this time comparing to the past years.

The economic uncertainty is stopping many of the homeowners who decided to sell the property within 3 years. Most of them are waiting for an increase in the price. Homebuyers who are planning to enter real estate next year takes a long time for house hunting.

Home Sales wouldn't surge in next year

The home sales wouldn't rise, even in the next year, it remains steady. It was a surprise that the corona virus couldn't able to decline the sales activity of the US till May month. By the end of April, the real estate business started witnessing a slight decline in the sale activities. The new normal has given an insight to the buyers to move with the current market; hence a steady growth has been seen in the sales activity.

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