2020 was a year of massive upheaval for everyone in all areas of life. In the real estate sector, sellers' sold quickly for high prices and buyers were left reeling from bidding wars and the fear of not finding an affordable home. During the 1st quarter of 2021 prices have continued to tick up leaving some to question whether they should wait for prices to stabilize before making a move.
I don't have a crystal ball, but I do think that prices will continue to increase due to the demand way outstripping the supply. I believe that the flow of buyers out of the city will not decrease for the foreseeable future because there is also a huge backlog of people still waiting for homes to come on the market and there isn't enough inventory to go around. The value for what you get in the suburbs vs is the city is undeniably better. Many companies are permanently changing to a virtual or part-time virtual working environment which allows employees to live further away and work from home requires more space. The one unknown is whether interest rates will increase and how that might affect home values.
If you are a potential home buyer don't worry, not all is lost! Please contact me to discuss the creative strategies that I have been using successfully to help buyers increase the odds of having their offers accepted. Please check out the 1st Quarter 2021 market report below for recent sales and YOY statistics.