The real estate industry was one of the most affected by the Covid-19 pandemic in 2020. With restrictions on movement and social distancing measures, the sector had to adapt quickly to new ways of doing business, including virtual tours and online transactions. The trends that emerged in 2020 are expected to continue in 2021, with some new developments to watch out for.
1. The rise of suburban living
Many city dwellers have been reassessing their living arrangements during the pandemic and looking for more space and outdoor areas. This has resulted in a surge in demand for properties in suburban and rural areas, which offer more green spaces and larger homes. With remote work becoming a norm, people are no longer tied to living in urban areas close to their workplace.
2. More attention to health and wellness
The pandemic has brought health and wellness to the forefront of people’s minds. When it comes to real estate, this means buyers are looking for properties with amenities that promote health and wellness, such as air filtration systems, outdoor spaces, and homes located near walking trails and parks.
3. The continuation of virtual tours and online transactions
Virtual tours and online transactions became more prevalent in 2020, and they are expected to continue in 2021. This allows buyers to view properties from the comfort of their own homes, reducing the need for in-person visits. Online transactions, such as virtual inspections and digital closings, allow buyers to purchase properties without physically visiting a real estate office.
4. The increase in demand for sustainable properties
Sustainability has been gaining momentum in recent years, and 2021 is expected to see a continued increase in demand for sustainable properties. Buyers are looking for homes with eco-friendly features, such as solar panels, energy-efficient appliances, and sustainable building materials.
5. The focus on affordability
The economic fallout from the pandemic has left many Americans struggling financially. As a result, the demand for affordable housing is expected to increase in 2021. Developers are looking at ways to bring down the cost of construction while still maintaining quality, and more lenders are offering low-interest loans and down payment assistance programs.
6. The growth of technology in real estate
Technology has been transforming the real estate industry in recent years, and it is expected to continue to do so in 2021. Artificial intelligence, machine learning, and predictive analytics are being used to help buyers find ideal properties, while blockchain technology is being used to streamline transactions and improve security.
In conclusion, 2021 is set to be a year of change and transformation in the real estate industry. Buyers are looking for properties that prioritize health and wellness, sustainability, and affordability. Virtual tours and online transactions are expected to become even more prevalent, and technology is set to play an even greater role in the sector. And above all, the pandemic has taught the industry to be adaptable and flexible, traits that are sure to carry it through these uncertain times.