Current Topics Being Discussed In Real Estate Today

These are the hot topics circulating nowadays

The real estate market conditions are always changing with new trends emerging at various times. Nowadays there are a few topics being discussed that are having their effects on the market which are important to pay close attention to whether you are buying or selling a home in the near future. Here is some information on what is currently happening per a recent report by the Counselors of Real Estate (CRE).

Working At Home

The pandemic has had a large impact on the needs for people in terms of what their home has and where it is. Having more space for activities including a home office for work has been of chief importance.  Also, with remote work it is less important where one lives as a commute is not necessary so buyers are looking to move to more desirable or less expensive locations. 

The report notes: “…the pandemic universally caused a movement away from urban cores, particularly for those with higher incomes who could afford to move and for lower-income individuals seeking lower costs of living. Most of these relocations remained within their original region—84%—and, while some are returning, it is unknown as to the permanence of these movements or whether they represent a true urban exodus.”

Technology Dependency

Given the challenges that were imposed over the past year the real estate industry has adapted and adopted more technological tools. For example we saw virtual tours, video chat and digital documentation as just some of the things that not only have made transactions possible but have also helped with increased efficiency which will be here to stay going forward.

Home Inventory And Pricing

The whole country shares the common issue of a shortage of affordable and available homes for the population’s needs. However, despite rising home prices, the historically low mortgage rates are making homes more affordable. The National Association of Realtors (NAR) has recently shared some positive news with inventory showing an increase of 3.3% from May to June with existing home sales following this trend increasing by 1.4% in all major regions of the country. Properties remained on the market for 17 days in June of this year which is significantly lower than the 24 days we saw in June of 2020.