The Housing Market in 2020 has been a peculiar one. We witnessed one of the most unprecedented periods in our history as humans and we had to survive lockdown for a prolonged period of time during the year. We witnessed a lot of changes in the way we work, we shop, the way we school and most of all a change in our disposition towards healthcare. 2020 has been one heck of a year. In 2019, we all made projections and goals for the year 2020, especially for an industry like real estate, where we all approached the year with smiles and grins about the results and coins we’d earn. Well, the year has definitely come, but not gone and in the spirit of reminiscence, we’d be looking at the biggest changes in real estate, most especially the housing market in 2020.
What the Housing Market Looked Like in 2020
We were plunged into a pandemic in the first quarter of 2020 and the pandemic has reordered real estate dynamics on an unprecedented scale. we’re going to b sharing the highlights of the housing market in 2020
Suburbs are now a thing: Small properties in suburbs are now hot picks for realtors. According to realtor.com , “home shoppers are looking for more space, quieter neighborhoods, home offices, newer kitchens and access to the outdoors, traits which have revived a strong interest in the suburbs and smaller metro areas.” The lockdown has made home shoppers realize the value of open spaces that can be found in suburbs.
Buying Spree: Government stimulus contributed to the highest recorded sales volume since 2006. Another factor contributing to the surge in buying is the low level of interest rates on financing options. so from the financial perspective , 2020 would have been a good year to buy a house.
Low supply: Typically, you can’t flex your financial muscles if there is nothing to flex it on. While 2020 seemed like a good year to buy that dream home, buyers were thorn between buy property at a reasonable interest rate as opposed to waiting till your dream home is available on the market.2020 seemed a good year to really consider skip tracing to unearth amazing properties with less competition, especially houses in the suburbs.
Working From Home: COVID19 caused a number of companies to adopt the remote work policy and some companies have even gone as far as telling their employees to work from home till 2021 (wild). This caused a shift in dynamics as homeowners are now looking for houses with more spaces for home offices, workout equipment and environments that provide calm and serenity.
2020 has been a remarkable year to say the least and we hope 2021 brings enough cheer and wins to compliment the struggles we had to face this year. Now would be a good time to really take stock and start making serious investing plans for 2021. You can find out how to get started here.