In the real estate world, the COVID-19 pandemic forced both buyers and sellers to press pause on their endeavours, opting to wait until a vaccine was properly distributed.
While many are still hesitant, others have acutely taken advantage of the perks brought to the market in the last year. In fact, both buyers and sellers are primed to take advantage of more housing perks right now than they were afforded before the coronavirus took over the nation. If you’re thinking of dipping your toes in the market, keep reading to see what benefits may be in store for you.
The benefits of buying of 2021
The real estate market was hit with a surge in buyer demand back in 2020 — after an initial hesitancy at the very beginning due to the pandemic.
This demand isn’t for no reason. In fact — besides the one downside of low inventory — it’s a very favorable time to buy. According to 97% of top real real estate agents, the main reason for this is low interest rates.
Back in December, mortgage rates hit a record low. While lenders have tightened up their requirements for receiving a loan, there’s no doubt these low rates have been boosting buyer demand across the country.
In addition, the shift in presidential leadership presents another favorable incentive for first-time buyers. Biden’s affordable housing plan included a hefty tax credit for the down payment — redeemable at any time.
While buyers — especially first-time buyers — cite the down payment as one of the more difficult hurdles to overcome before buying a home, this could make the process much less troublesome. Moreover, since real estate agents noted that access to affordable housing would be a key issue the market would have to contend with in 2021, all eyes are on this new affordable housing plan.
If you’re thinking of buying — especially for the first time — you’ll be primed to take advantage of these new incentives. Just make sure you have a reliable realtor on your side through the whole process!
The benefits of selling in 2021
The real question we should be asking: what’s the downside of selling in 2021? Right now, there’s not a clear answer.
As noted, buyers have plenty of incentives drawing them to the market, and shifting into remote roles has also convinced many to move to a home more suitable to that sort of environment or seek cheaper accommodation outside of major cities. The result? Inventory is rather low.
This means your property will stand out since competition is scarce, and you’ll likely sell for a favorable price. In fact, 74% of real estate agents noted home prices were on the rise in their market, while 48% also claimed bidding wars are on the rise.
While these perks sound impressive, safety is obviously the number one concern, and bringing a deadly virus into your family home is less than ideal. However, most — if not all — of your real estate endeavors can be taken care of virtually — including home tours and closings.
With all that in mind, there’s no reason to continue to press hold on your real estate endeavors. Just remember to start preparing your home for sale in order to sell as favorably as possible!