The real estate market has been on fire throughout 2020 with record-low mortgage rates and a sudden wave of relocations made possible by remote work. The market even kicked the traditional fall slowdown, with unseasonably strong demand well into the cooler months. All this, despite an ever-worsening pandemic. Meanwhile, home prices have pushed new boundaries as buyer demand continues to surge.

The emergence of virtual real estate viewings has only made the industry even more lucrative than it already was. But now that 2020 has come to an end, people are speculating whether it will be the end of the current housing boom as well. Well, the housing market has remained strong, while picking up some different trends than previous years.

Many studies and real estate analysts have gauged the likely long-term effects of the pandemic on supply-demand dynamics across the real estate market. So, whether you’re a real estate agent, looking to buy, or looking to sell, new trends can help you achieve your goals in the housing market by being a reliable source of change and helping you make better decisions.

Let’s take a look at what they are and how the new year is going to turn out for the real estate sector.

  1. Prices and Turnover Rate Still on the Rise

Thanks to the pandemic, housing inventory was left in short supply in 2020 causing prices to spike. This trend is expected to remain throughout the winter and carry into the new year – good news for sellers – as there is still a shortage of available housing with a higher-than-normal demand.

  1. Buyer’s Market to be Competitive

On the other side of the coin, entering the housing market as a home buyer could prove challenging in 2021. Not only are housing prices expected to continuously rise, but due to increased demand you should expect a competitive market. So, if you want to purchase a home, chances are that you’ll have to act fast to beat out competition. But there are some advantages for those seeking a home in 2021. There have been instances of landlords lowering their prices on rental spaces, or even offering incentives and complimentary services to draw in new tenants. So, if you’re looking for a temporary office space or have always dreamed of living in or near the city, now might be the time to make that move.

  1. Mortgage Rates to Remain Low

The average mortgage interest rate has been nice and low lately and that trend will continue, as per experts. If you’re a homebuyer, this may help you with affordability, you also need to be careful not to let that pressure you into buying a house when you aren’t really ready.

  1. Real Estate Has Gone Virtual

This is one of the biggest positives that has happened to real estate since the pandemic began. Before the pandemic, many of us enjoyed perusing online, looking at different homes for sale in our area. But with social distancing in play, virtual site viewings came into the picture, thereby becoming the new normal. Now, many real estate agents utilize live stream features on social media for open houses, and more emphasis placed on virtual tours, videos and photographs in home listings.

The ongoing pandemic has opened lot of opportunities for developers, especially with virtual real estate viewings taking centre stage. Home buyers has understood the necessity of a home. People have realised that they will be safe and secure if they have their own house, hence, would now prefer to buy homes soon. A new trend will be seen in 2021 of home buying gaining importance over the place of work and influencing urban development and real estate choices.

Author's Bio: 

The author of this article is a professional having years of experience in the field of Digital Marketing and currently associated with Proxgy. The author is an expert in writing on virtual travel, online video shopping and Digital marketing topics.