If you are a prospective buyer or seller, it’s important that you understand the current real estate market conditions and how it can affect your home process. Here are a few things that can impact today’s housing market.
Technology Acceleration and Innovation
So much has changed in the past year for the real estate industry, especially when it comes to technology. For real estate, innovations like virtual tours, digital documentation, and video chat allowed agents to connect to clients no matter where they are. These options are ideal for prospective buyers and sellers who aren’t local to the area or those that need the added flexibility in signing documents online. It also allowed the flexibility in meeting the client’s needs in showing a property virtually when they were unable to physically be present. This is why many trusted real estate professionals will continue to use these technologies to move forward to best service all of their clients.
Remote Work and Mobility
Working from home became the new reality for many individuals during the pandemic. With the added mobility remote work offers, people are moving where they can essentially purchase a home that is less dependent on an actual office location. This newfound flexibility gives remote employees the opportunity to move to more affordable areas and buy more home with their money.
Housing Supply and Affordability
Lastly, the limited supply of homes for sale and related affordability created a lot of challenges this year. However, there is good news. Homes are still more affordable than they have been historically thanks to today’s low mortgage rates. While housing supply is still low, we're seeing a slow increase in the number of homes coming to the market which gives hope to homebuyers. As the supply of homes for sale improves, buyers will have more options.
That said, technology, remote work, housing supply, and home affordability are key factors in this current housing market for both buyers and sellers. Contact Florida Lifestyle Realty to better understand how these topics can impact the buying and selling process for you!
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