The Hottest Homebuyer Trends of 2021
7 Key Trends Expected To Shape Real Estate in 2021
by Liz Shemaria
What can we expect from real estate in 2021? If you are looking to buy or sell a home, you might be wondering how the rest of the year might look when it comes to market trends. The real estate experts at HomeLight have done some of the work for us, by polling more than 1,000 agents across the country about what they are seeing in their markets and what we might expect. The data points to some real estate trends to watch in 2021 as you think about your goals for the coming months.
More people across the United States want to move than there are homes available and that is creating what realtors call a seller’s market. In this kind of market, bidding wars are commonplace, where multiple buyers are vying for the same home. This can be good news for you if you want to sell now, but if you are a buyer and you can wait, it might be better to see how the market plays out.
Supply and demand in flux
In the report, 50 percent of agents across the country said that as a vaccine rolls out, more homes might come on the market as people feel more comfortable about uprooting their lives and opening up their homes to showings. So that seller’s market may not last.
We can’t trust the seasons
There is a typical cycle for real estate: Winter is more of an off season, with people hunkering down at home and getting through the holidays. Then, sales pick up in spring and summer, so everyone can get settled in while taking advantage of time off before gearing up for the full swing of school and work.
Prices on the rise
With spring here, agents are noting that home prices are already starting to rise, and 80 percent of agents when asked, will homes sell faster in 2021 than they did in 2020, said they would.
Across the country, staycations may be here to stay for a while, and what buyers are looking for in their next home reflects that trend. Upgrades are important and you might consider revamping your backyard with a fire pit (as more than 50 percent of agents reported), or adding heated floors to your bathroom as 69 percent of agents in the Northeast noted.
Convenience is in
Another result of people spending more time at home is an increased demand for features that make people’s lives easier. Upgrades like a double sink in the bathroom (as more than 60 percent of agents mentioned), or a center island or pantry in the kitchen are considered high on buyer’s wishlists.
In 2020, agents across the country moved showings, document sharing, and closings to virtual, and that trend may be here to stay in 2021. Keeping this virtual process going ensures that everyone can stay safe while still moving forward with their real estate goals. Expect that in-person showings may be limited to the final stages of seeing a home and inspections, at least for now.
If you are buying or selling a home in 2021, remember to keep an open mind, because as a Covid-19 vaccine rolls out, shifts will happen. Your best strategy is to work with a professional and stay focused on your goals to plan for the future.
Liz Shemaria is a journalist and founder of the organization Echopop. A third-generation Northern Californian, Liz launched a news site for AOL, where she spent two years covering real estate development, business, crime, education, and politics in the San Francisco Bay Area.