2021: the year ahead....
This past year has undoubtedly tested our strength, resiliency, and patience. The recent events in the news have delivered unprecedented challenges, and if they proved anything, it is that we even when the best laid plans fall apart, we pick up the pieces and create new ones.
As we transition through the winter and into our spring selling season, I thought you'd be interested to hear what we can expect over the next few months as far as our local Real Estate market is concerned. Here are some key talking points, please feel free to share them with your friends and neighbors.
- Buyer demand, especially in the suburbs, is at an all-time high despite the challenges that the coronavirus has created. Also, the safety precautions that many Realtors have put into place on showing their listings have re-assured buyers that it is reasonably safe to view properties they are interested in.
- the time needed to sell a property has will continue to decrease, and once again new listings coming on the market will be priced with the expectation of receiving multiple offers. You'll still see a few homes being overpriced and listed with the expectation of multiple offers but wind up with no offers by the offer deadline. These present an opportunity for interested buyers that don't want to deal with competing offers if they make an offer right after the offer due date if there are no offers on the table.
- the long-term outlook for property owners like yourself is excellent, and assuming that rates remain at or near historic lows, and based on the time it will take for the economy to recover, I would expect an extremely robust market. Low rates translate into affordability, and when that is combined with the natural pent-up demand that the virus has created by preventing the normal course of home buying and selling, it seems reasonable to believe that the real estate market will see a significant benefit.
It’s definitely not business as usual these days, and if 2020 proved anything, it is that we can get through difficult challenges. We are tougher than we think, and each of us are living proof that we are all resilient and tougher than we think when faced with difficult situations.
Take care, be well, and all the best wishes for a very healthy and happy New Year in 2021.
- John Barmon
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