Real estate experts expect the real estate market to continue growing in 2021, largely due to the major impact of the pandemic.
We’re spending more time at home than ever. It’s important now to figure out what home really means, and the things that we might need in our homes going forward.
Today we’re looking at why people are reevaluating their lives, where they live, and why many people are expected to buy a home in 2021.
The first and most obvious reason is that we’re experiencing record-low mortgage interest rates.
Last year in Canada the average interest rate for a 25 year fixed mortgage hit a record low multiple times falling below 1%. No one knows for sure how low the rates will go or how long the rates will stay this low, which is why many people have a lot of incentive to act and buy a home. So what will continue to drive buyers in 2021 is this feeling of urgency.
More of us are working from home.
Another big reason why we anticipate many homes to be sold this year is the fact that so many of us are working from home.
Working from home has been a big change for many businesses, and many workers are leaving the big cities in order to work remotely in smaller communities. People really don’t need to be all that close to the office anymore which has created a surge in the number of people pursuing ownership instead of renting.
The desire for additional outdoor space.
As mentioned before many people from the big cities are seeking smaller communities. This time that they’ve spent at home has made people have a desire for more room in the home space where they spend so much more of their time. Lockdowns and stay-at-home orders really feed the desire and people to seek bigger spaces for themselves and their families.
People know that they’re able to avoid renovations by buying a new home.
A lot of people would rather buy a new home free of issues than put in the effort to do renovations to fix and pay for problems with electricity or plumbing. With such high demand currently, It’s often the case right now that many sellers are able to skip renovations before selling so they see buying a new home as an easy-out of their issues. Many homeowners would prefer to prioritize buying over renovating because it’s convenient.
New home construction.
Also, people are looking at new home construction right now, as we’re in a very competitive market and there is little to no competition in the new home construction market.
New home construction also lets you customize what you’re getting.
Will 2021 be another record year in the Greater Saint John area for real estate sales? That has yet to be seen…but it sure seems that way. If you need to sell, our team is here waiting for you. Give us a call today at 506.608.0509 or email info!threeriversrealty.ca