The Real Estate Market Is Booming, What’s Next For 2021?
If you’re looking to buy a house this year, you’ll be surprised to find that the Real Estate market has been cleaned out. In some areas, homes are being snatched up within days of hitting the market.
Unfortunately, most industries have been hit hard by the shutdowns of 2020. Nearly 100,000 businesses that had to temporarily shut down during the pandemic are now out of business.
While so many other businesses are struggling to keep their doors open, new home sales are continuing to rise. According to census bureau data, new home sales jumped 43% in August of 2020.
Throughout the pandemic, home sales have continued to rise. A deeper look into how home-life has been impacted by Covid explains why real estate has been surprisingly resilient during this recession, and what to expect for the rest of 2021.
The Change in Home-life
You’ve likely spent more time at home this past year than ever before.
During the height of the pandemic, the entire world stood still. Most of us spent months quarantining in our homes while working and teaching our kids. Suddenly, your home becomes your office space and a classroom too.
When this shift happened, so many people needed more space or a better set-up. For those of you living in a home that your family has outgrown, quarantining was even more challenging.
Despite the recession, it’s not surprising that home sales were dramatically increasing during the pandemic.
What’s Next for Real Estate Market in 2021?
There are a lot of uncertainties about the world right now. We don’t know when the world will be fully open again, or how long Covid and the variants are going to be around.
While it’s going to be a while before those questions are answered. When it comes to real estate, market analysts have a forecast of what the industry is going to look like for the rest of 2021.
According to experts, the housing market will continue to surge as the pandemic, and its aftermath, causes people to desire more space and bigger yards. Another change coming into this year is that millennials have now taken over as the largest group of home buyers.
Now’s the Time to Grow Your Real Estate Business
Housing sales are still on the rise, but they will level out at some point. This means that now is a major opportunity you don’t want to miss to grow your real estate business.
You want to keep your marketing campaign sharp, and here are a few things to keep in mind.
- Millennials are currently the largest generational group right now. It’s important to tune up your content and capture their attention with your posts.
- Facebook has changed up its algorithms which could be messing with how many people are actually seeing your posts.
- If you’re not already, you might want to create a Twitter account and utilize their database.
If you want to know more about how to sharpen up your marketing and find those potential buyers, check out our blog, How to Market Your Real Estate business on Social Media in 2021. We discuss everything you need to know to help you grow your real estate business this year!