Now that we’re partially into 2021, there are three things I’d like to discuss with you about the market:
1. Demand. Demand has increased heavily after November and December 2020, when we were quarantined. That time indoors gave a lot of people a chance to reflect and decide what about their home was and wasn’t working for them as they headed into the new year. At the start of 2021, that demand has really pushed us forward. Since so many people are looking for properties, listings are commonly getting multiple offers.
2. Weighted values. Before COVID hit, I remember spending a lot of money installing a pool in my home. After my appraisal, my home’s value went up by $10,000. But times have changed since then, and nowadays, homeowners will get a lot more value from having fourth bedrooms, large garages that can be converted into usable spaces, home offices, and a number of other things that weren’t as important before the pandemic.
3. The adaptation to our new reality. Many are still trying to figure out whether they’ll be working from home, at the office, or some combination of the two. I don’t think things will go back to the way they were, so how people adapt from here on out will absolutely affect the trajectory of the rest of our market.
If you have any questions about our current market or where we might be headed, don’t hesitate to reach out to me. I’d love to have that conversation with you.