Happy New Year! All of our problems aren’t going to evaporate this month, but I sure feel like I can finally see some light in this dark tunnel.
One thing I wouldn’t have predicted in March of 2020 was the whirlwind of real estate activity the year would bring. Inventory was more constrained than ever, creating increases in prices and competition. Interest rates remained at record lows, which added buyers to the mix.
What should we expect in 2021? Well, the short answer is more of the same. Read on for some of my predictions for the coming year.
Folks have been stuck in their homes for nearly a year now, and many are realizing they need more space. Expect a lot of sell/buy activity this year.
Many companies have reevaluated their need for office space and are offering employees permanent remote work, spurring movement from condo and apartment dwellers.
A exodus to the suburbs. As people are considering moving their workspace to their homes and eliminating a commute, larger homes with larger yards are becoming more appealing. Expect areas outside of SD Metro to become hotter this year.
Prices will continue to go up, but interest rates will remain low, making conditions favorable for buyers and sellers.
Demand will continue to outpace supply. More than ever, buyers will need a qualified agent in their corner.
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