Real Estate In 2021: What To Expect

As we move closer to the New Year, many homeowners and aspiring homeowners wonder what exactly 2021 has in store. No one could have predicted that 2020's pandemic would have such a dramatic, long-lasting impact on nearly every person, place, and industry around the world. One of the industries that has been surprisingly resilient in much of the United States is the real estate industry.

Real Estate in 2021: What to Expect

Believe it or not, 2020's challenges brought an unexpected surge of business to the real estate industry. As more and more people were permitted to work from home, forced to downsize to more affordable residences, or desired to get away from the most populated areas of our country, the demand for a new living space drastically increased. This has caused the national average purchase price to increase year over year and existing home sales to reach an unexpected increase from month to month.

Recent reports state that this demand for houses will continue into 2021. Though it won't last forever, industry experts are confident that it will continue for the foreseeable future. Many people are now slowing their search as the year ends but still plan on purchasing a home in 2021.

Why are so many individuals moving amid the pandemic? Our real estate agents believe that these are some of the reasons our Chattanooga homes for sale have flown off of the market:

Record low mortgage rates.
The desire to escape from condensed urban spaces with high populations.
Remote working opportunities.
Remote learning opportunities.
The desire for a home with more transitional space for work and play.
Taking advantage of a buyer-friendly real estate market that may change at any time.

Considering Your Real Estate Goals for 2021

With 2021 around the corner, it's a good time to consider your own needs for 2021. Though we are uncertain when a sense of "normalcy" will return to our world, this pandemic has taught many of us that it's wise to be prepared for anything, including changes in the way we utilize our homes. Now might be the best time for you to move away from the big city and settle into the Chattanooga area. If you're interested in achieving your real estate goals in the next few months, we invite you to browse our current listings.

Chattanooga and the surrounding area are fantastic places to call home. If you'd like to schedule a private tour of our Walker County homes for sale, Catoosa County homes for sale, Hamilton County homes for sale, or Dade County homes for sale, Contact Us today.