Current Market Trends
Throughout most of the year, 2020 was a seller’s market through and through, and it’s very likely that this trend will continue as we enter the next year. The pandemic undoubtedly forced the market to take some twists and turns, but the housing market is still as strong as ever, despite the slight downward trend during the height of the pandemic.
As has been the case in years past, there is typically a lesser demand for real estate towards the end of November, but at the moment, the housing market is projected to stay on the upswing, following several months of significant price appreciation trends.
The fact of the matter is that 2020 has experienced a solid, consistent trend of increased buyer activity, which plays into the projected continuation of 2021 being a seller’s market. The widespread optimistic view of the market comes as a result of an increased demand for housing following the tumultuous COVID-19 pandemic and its effects on the average buyer in today’s economy.
As of now, the market presents an endless number of opportunities for sellers to take on the demand put out by buyers searching for a new place to call home. Currently, homes are being sold at a relatively quick pace in comparison to the earlier months of 2020, specifically in March as the nation first took on the struggle of dealing with COVID-19.
Home prices have actually increased throughout the latter portion of the year, and research shows that the future is looking more and more optimistic. At the moment, buyer demand is high, and there are several statistics that suggest homes are being sold far faster than they had towards the beginning of the year.
Now more than ever, features such as more square footage and specific housing amenities such as patios and walk-in closets are gaining more attention than ever.
For both buyers and sellers alike, it’s important to get a good understanding of what’s out there, what you’re looking for, and what you can offer that other sellers can’t. With the market projected to stay on the up and up, it’s critical to stay on your toes and follow along the trends to snag a great deal – for both buyers and sellers – as the year comes to a close.
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