The real estate market has been strongly impacted by the COVID-19 pandemic, but it’s starting to bounce back from the adverse effects. Justin Havre owns the real estate business Justin Havre & Associates RE/MAX First, which assists buyers and sellers in Calgary in Alberta, Canada, with their real estate needs. Here are the top trends in the real estate industry, according to him, and what to watch out for in 2021.
Increased focus on outdoor amenities.
Since people are spending more time at home during the pandemic, there’s more demand for homes with extra outdoor space. “This includes yards, as well as easy access to parks and green space,” Havre said. “If this is a priority for you, my team and I can find you the perfect property in Calgary.”
Virtual showings during COVID-19.
Justin Havre’s team has integrated 3D scanning technology to allow potential buyers to view homes without risk of exposure to coronavirus for both parties. “They can tour a home and buy from the comfort of their current property.” However, if a buyer still wants to see a house in person, this need can usually be accommodated.
More migration to the suburbs.
The pandemic has allowed more individuals to work from home. This means that people who previously lived in large cities can move away from high prices and finally buy houses in the suburbs. “They don’t have to worry about commuting if their workplace has made the move to working remotely permanent. That allows more people to make their homeownership dreams come true.”
Low interest rates on mortgages.
Interest rates for mortgages are very low right now, with the average rate for high ratio insured 5-year fixed-rate mortgage at 1.7%. That’s the lowest it’s been in seven years. “It might not seem like the perfect time to buy a house, but there are definitely financial reasons to pull the trigger now.”
More millennials buying homes.
Last year, millennials were the largest group of homebuyers, and this trend is set to continue in 2020 and 2021. “It’s important to optimize your home listings for this audience,” Havre said. “You need lots of pictures and personality.”
Whether you’re looking to buy or sell a home, now is a great time. Despite the pandemic, there’s been a move to purchasing and selling homes in unique ways.