The Real Estate Market has grown significantly since the start of the pandemic and experts are expecting it to continue growing in 2021. This growth is largely driven by the lasting impact the pandemic is having on people lifestyles. Today, many of us are spending extra time at home, we’re reevaluating and redesigning what “home” means and that’s why we may need a house going forward.
Based on an evaluation of the Queens Borough and its environs, our Team At Skylight Real Estate have come up with 5 reasons why people are reconsidering where they live and why they’re expecting to buy a home this year.
1. Record-Low Mortgage Interest Rates
The Mortgage Interest Rates in the Real Estate Market has been falling consistently since 2020, hence, the average interest rate for a 30-year fixed mortgage hits an all-time low record of 2.75%. According to Freddie Mac, the average 30-year fixed interest rate today is 2.65%. Many are wondering how low these rates will go and how long they’ll last. As a result of this many people are taking advantage of this rate and with urgency are looking forward to buying this year.
The Team at Skylight Real Estate is able to refer you to one of the Mortgage Bankers that we work with in-order to get you qualified at the lowest interest rate on the market. Additionally, the reliable and efficient Brokers and Agents are more than ready to help you find that dream home.
2. More Outdoor Space
With the stay at home order that was imposed on all the boroughs in the city earlier in 2020, many people were locked up in their high-rise apartments and townhouses and did not have any outdoor space to stretch their legs as it were. Consequently, having outdoor space becomes a new priority for homeowners. Homes with back yard space are in high demand as people compete to get the best space at the lowest price.
3.Working from Home
This Pandemic has seriously change the way we operate and do business throught the world. Working remotely has become the norm as we all try to stop the spread of the COVID 19 virus. Today, many people are discovering that they don’t need to live close to the office anymore or they are forced to work from home in order to keep their jobs. However, while this have had its positive impact, it has created many challenges especially for those who do not have the space, convenience or privacy at home.
Therefore, many people are currently looking for large space, storage area and with more privacy. Our Team at Skylight stands ready to find the best property that suits all your needs.
4. Renovated Homes in High Demand
Many homeowners today would rather buy a new home than go through the process of fixing up the one they have. People, do not have the time or patience to go throught the process of supervising and coordinating the process of fixing-up their house.
So depending on what needs to be addressed, today’s high buyer demand may make it possible to skip some renovations before selling. Many of these homeowners have prioritized buying over renovating for convenience and potential cost savings.
5. Millennial’s hitting their 30s and wanting to settle down
Millennials are a practical generation that have watched their parents struggle to hold onto jobs and homes as unemployment soared to 10 percent and housing prices crashed 30 percent in the Great Recession. So being as practical as they are these young people have established themselves financially and started having families and have gradually begun to show interest in homeownership, according to Fannie Mae economist Douglas Duncan.
But Duncan, who has been tracking today’s Millennials as they have been aging, is picking up on some solid trends in millennial home buying. He has seen distinct increases in buying as Millennials have moved from their early 20s to late 20s and into their 30s. For example, as he followed a demographic group of people ages 28 to 29, he found that by the time the individuals were 30 to 31, they increased their home buying by 2.8 percent.
Today it is evident that homeownership needs are changing and this has resulted in Americans relocating in record numbers. If you’re trying to decide if now the right time to buy a home, please do not hesitate to contact Skylight Real Estate Consultant Inc. and the Team of highly professional Brokers/Agents will be more than happy to sit with you and guide you as you navigate your way through the buying/selling process.
