The Top Reason Why People Are Buying Homes in 2021
We’ve said it once at we’ll say it again: many experts expect the real estate market to continue growing throughout 2021. The pandemic has been a driving force for people to re-evaluate their living choices and prioritize the “wants” when it’s time to make a decision on buying and/or selling.
As people continue working from home, a designated office space is becoming one room in the house that people are looking for, so they can tuck their work away or shut a door and forget about it – until it’s 6 a.m. again. A lot of people looking to purchase a home are willing to move further outside of the city limits to get a larger space and more bang for the buck. Experts have said that it is important to separate work from home life to keep from burning out.
Mortgage rates hit record lows 16 times in 2020. We expect to see a similar pattern of low interest rates in 2021, but for how long? No one is certain. Len Keifer for Freddie Mac advises: “If you’ve found a home that fits your needs at a price you can afford, it might be better to act now” as 2021 should likely continue to have very limited inventory.
Outdoor space is a rare commodity in bigger cities, and with the continuation of lockdowns, it’s really becoming a luxury for homeowners to have. In tight communities, many homeowners are considering selling and moving to an area with a little more privacy from neighbors. According to the State of Home Spending report by HomeAdvisor, of the households surveyed, almost half reported spending 27% more on outdoor living over the past year.
If you’re in the market to purchase a new home, reach out to Jen Martinez with the Jen Martinez Team today. Let’s discuss what it will take to get you somewhere new!