MINT HILL, NC – It seems like we have been in one of the craziest times in real estate in a very long time. The past 18 months or so have been trying in many ways and have been a frenzy. While it’s easy to look back, let’s look forward to what’s coming next for the housing market.
Whether you want to buy a vacation home or your first home, you might have decided to shelve your plans until the market cooled off. This makes plenty of sense for vacation home buyers and many stopped looking due to the crazy market over the summer.
Things are Changing, Again
With so many things still swirling around about COVID-19, it’s hard to know what’s coming next. Some companies have stayed hesitant with bringing workers back and others may not remain at their job without meeting specific conditions.
This could lead to some shake ups in the housing market that might not be as easy to predict as the market usually can be.
The market, in most areas, has already shown some signs of cooling. Many believe it will continue to cool off going into next year and will return to a more common seasonal type of real estate market. However, it’s important to note, cooling doesn’t mean the market won’t still be hot.
Vacation Home Sales Will Likely Move Up
Vacation home buyers that do go back to work are likely going to start entering the market again. With the market cooling off and the return to a five-day workweek for many, not likely, vacation homes are primed to be very popular.
Many workers will likely remain in the work from home category. Some companies are even selling off their commercial offices as they don’t plan to bring their employees back. This opens up the possibility for these workers to own vacation homes in destinations they truly enjoy since they can work from anywhere with an internet connection.
If Jobs Recover, Rents Will Go Up
As we, hopefully, move into a post pandemic economy, jobs will likely start to recover. If this happens, it’s likely rentals will be in high demand, as home buying isn’t going to be as easy as it once was. This may send rental rates up quite a bit in many different areas.
The future of real estate can go in many different directions, depending on what happens with the pandemic. With the market already cooling off a bit, it’s likely it will look rather different going into the winter and into the new year.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger 704-650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com