Real Estate in 2020 was quite interesting. In spite of the pandemic, recession, and unemployment, the average home value was still up 5 percent and mortgage rates were at an all time low!
Many are predicting 2021 to be another optimistic year, for Real Estate anyways. Some things to keep in mind are as follows:
- Shift for More Affordable Housing: People will move where the jobs are and away from expensive housing. Millenials are relocating out of state to live a more affordable lifestyle. With the unemployment rate so high, we are projecting to see many people on the move.
- Urban Shift: The pandemic has shown that many jobs can be done from anywhere. So although many people are relocating to warmer climates or more affordable areas, there are still others who want to be near the infrastructure, social activities and close to premium healthcare services.
- Jobs: Some jobs are not coming back. Businesses have adapted to fewer employees during the Pandemic. The economy will eventually create more jobs but that won’t help 2021.
Forecasting into 2021, it is looking to be a year of strong demand for rentals. So focusing your investments into Real Estate wouldn’t be a bad thing during this market shift. In addition, interest rates will remain at an all time low which will contribute to a successful 1st and 2nd quarter. Lastly, as people pivot careers, Real Estate may be something to consider with it’s stable income opportunity.
If you are interested in purchasing your first, second or income property, please reach out to our team of professional agents who will walk you through the entire process. And if you are thinking of making a career change into Real Estate, don’t hesitate to reach out to me. Last year, I made the change and haven’t looked back since!
Thanks for reading!
REALTOR at Florida Lifestyle Realty