In 2020, the housing market was especially surprising and it appears that this trend will continue in a positive manner. The prices of homes will most likely rise and it may possibly increase close to 10- 12 percent.
First time home buyers are currently taking advantage of low mortgage rates as they are currently low and hovering around 3%. The housing market markets strong performance is fueled by the low mortgage rates during the pandemic and high employment looks to continue into 2021.
Historically home sales respond to rate changes. There are life cycle events such as changes to family size, marriages, and retirement which contribute to changes in lifestyle for all home buyers. The pandemic revealed that most people working from home were equally as productive as when they were in offices. This revelation has helped to fuel sales of homes as families looked to increase the size of their home or looked for a different location with which to live as they no longer need to commute. Some chose to remain in their home, but looked to renovation for larger spaces and configuration of the footprint of the home. Dedicating a room as a new workspace is becoming a consideration as well. Many homeowners also looked to their vacation homes to work from and are using these places to even permanently move into as returning to the offices is no longer needed.
Commercial, warehouse and industrial spaces are experiencing a different kind of trend. E-Commerce and the lack of in person shopping has changed this year as well. It is possible that the thinking will be that malls may transform themselves into medical clinics, gyms or offices and even storage facilities.
All of this impact on the real estate market will take time for it to completely come into perspective and with the vaccine arrival , it is hopeful that more people will feel safe in considering their real estate purchases and other goods.
Our office here in Elmwood Park NJ has been handling all types of Real Estate transactions for over 37 years. We handle every aspect of the transaction. We can explain each and every step along the way and assist in your concerns as a buyer or the seller. Every transaction is different and our experience will assist in all matters and issues creating a sense of confidence for your family and you.
With the continued employment changes and world economic outlook changes, each day can present itself with doubt and concern. Our office is prepared to assist you in all matters. Let us work with you to give you the support and confidence to bring all matters to a place you are most comfortable with.
We are located at 406 Route 46 East Elmwood Park NJ and our hours are Monday through Friday from 9:00 AM to 5:00 Pm with extended hours if need be to fit your schedule.