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7 Key Trends Expected To Shape Real Estate in 2021
Dated: March 17 2021
Across Oregon and the rest of the country, buyers and sellers are wondering, how is the evolving Covid-19 situation, and the distribution of a vaccine, changing real estate? The experts at HomeLight have done the research for us, interviewing more than 1,000 top agents across the country, uncovering trends that are expected to shape real estate in 2021. Here are 7 of the trends that top real estate agents in Oregon pointed to, which buyers and sellers in the area may want to keep in mind.
Low mortgage rates
One of the biggest trends to know about, especially if you are a buyer, are low mortgage rates. Mortgage rates dropped consistently throughout 2020, hitting a new record low of 2.67% for the average 30-year fixed the week of Dec. 17. These low rates are making people fast-track their plans to buy, and an overwhelming 97 percent of agents said that low mortgage interest rates were boosting buyer demand in their markets, up from 70 percent in Q4 2019.
Moves spurred by remote work
As remote work continues to be a norm across much of the United States, people are thinking about relocating to make their lives more pleasant. Some buyers are opting to swap their primary homes for vacation homes in parts of the country with milder climates, or purchase second homes because they have the option to work anywhere. Moreover, in the survey, 14.5 percent of agents said that the shift to working from home would continue to impact the real estate market in 2021.
Renters fast track plans to buy homes
Low mortgage rates and a desire to have more space are also inspiring renters to buy, with 68 percent of agents noting this trend in their markets. However as mortgage rates increase, this trend may slow down.
With more people wanting to buy, agents are noting that buyers may face a lack of housing options due to low inventory and may not find the house of their dreams, with 51 percent of agents in the report mentioning this as a roadblock for buyers.
At the end of 2020, agents across the country reported a robust seller’s market (92 percent of agents noted seller’s market conditions in November 2020), and that trend is expected to stay. That could be good news if you want to sell a home in 2021. This means that there are not enough homes to keep up with demand and buyers may be willing to pay more to land their dream listing.
One result of a seller’s market are bidding wars, when buyers may be offering more to outbid others. In Q4 of 2020, 38 percent of agents said that bidding wars were at their peak, a 4 percent percentage increase from Q3 2020.
Home upgrades to enjoy the great outdoors
When it comes to dream homes, in 2021 it’s all about the great outdoors, with everyone spending more time in their home’s backyard spaces for entertainment and more. Some of the upgrades at the top of people’s lists are an outdoor fire pit (according to 54 percent of agents surveyed), a privacy hedge or fence (48 percent), or a full outdoor kitchen (46 percent).
Whatever your plans are to buy or sell in 2021, staying on top of the trends can keep you on track to hit those goals.
Meet Taj Richardson: I have lived on the Oregon Coast since 1994. I graduated from Nestucca High School in 1996. After several years in college and traveling, I made my way to Lincoln City in 2003. I ....
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