06/06/2021
A few home buying trends in 2021.
There's a record-setting real estate boom happening right now. Most people know someone who either sold or bought a house in the past quarter. If you are looking to be one of those lucky people as well, here are three tips you need to be aware of when buying a home:
1️⃣ Homes are selling FAST: The past year has resulted in a 42% of home listings to sell in a week or less. "The record-setting pace is good news for sellers but makes for a difficult experience for buyers. In many cases, potential buyers are outpriced in the competitive market or forced to make rush decisions." - Forbes
2️⃣ Different budgets, higher prices: Although many people are buying homes, they aren’t always stretching their budgets. Research found 63% of homebuyers lowered their budget by an average of $28,400 in the past year. At the same time, 65% of buyers backed out of buying a home, most often due to budget.
3️⃣ From the city to the suburbs: Remote working contributed to more people moving away from crowded cities to the suburbs. There, homebuyers were more likely to find traits that are increasingly desirable: larger houses for more time spent at home, dedicated office space and personal outdoor space, as well as proximity to beaches, trails and open space.
We are humbled to be part of this historical moment in the real estate market and we are excited to see what comes our way!
