Four Real Estate Market Trends One Can Expect In 2021

The first thing one should know is that more people will be leaving the inner city in 2021. One reason is due to the pandemic. Shalom Lamm, a realtor, highly recommends researching such trends prior to buying. Now, the pandemic will probably sort itself out (even slightly) by the end of next year, but what does one do in the meantime? The things that used to draw one into the city are the very things pulling one away from the city right now. According to new reports, some are arguing that it is not worth the risk, even if the pandemic is slightly under control by the end of next year. One used to flock to outdoor stuff like dining and other city activities. That used to be a big draw for real estate trends. Not anymore. Many are finding that one can save a bundle by selling one’s city home and move remotely. That is not to say that everyone is going to do this. However, this is something that one should watch for next year. Remote living and working are becoming more popular. Why would one risk one’s health just to go into the city?

One should also note that as city living becomes less desirable, so will paying the high city rental prices. More people are moving away from the city, as one learned in the first section. City rentals could decline even more, even after the pandemic is under control. A lot of people have learned some very valuable lessons through this pandemic. The pandemic has changed the way one lives one’s life. These are more than just trends. Some of the trends are going to become lifestyle choices. Real estate trends are based (somewhat) on lifestyle choices anyway. It makes perfect sense that as one declines, so does the other.

Remember when one would make fun of someone who chose to live in the suburbs? Well, this all ties the first two points together. More people are going to be moving to the suburbs. The suburbs used to be the place to be if one wanted to have children. Not anymore. One should keep in mind this does not apply to everyone, but it does apply to a majority of people. More people are favoring low prices in the suburbs versus high prices in the city. This is especially true when one works from home. This has been a trend for the past five years or so. One can expect this trend to keep growing through next year and beyond. Those who own a rental property should be prepared for an onslaught of those who cannot pay the rent. Once the government’s moratorium on rental agreements and evictions expires, those who cannot pay the rent are going to run into the same issues once more. Is this just a byproduct of the pandemic and millions losing jobs? Is this a trend that could keep going long after the job loss is under control? That matter is still very much up for debate. Shalom Lamm believes that the market will greatly change but to keep consistent with research.