What To Expect For Real Estate in 2021
Despite the bad rap that 2020 got, there were some bright spots. The real estate market in Kansas City is thriving, thanks to low mortgage rates and inventory shortages. With travel, school and work restrictions, families at home also wanted more amenities or bigger spaces for homeschooling or setting up the home office which brought buyers out in droves.
So, what can you expect for 2021? If you’re looking to buy or sell, here are some things to consider.
Millennials Are Moving Out
A common stereotype for millennials is that they’re all living in their parents’ basements and getting married later in life. Well, “later in life” has arrived, and I’m seeing more young homebuyers enter the marketplace as they look to find their roots and start families. The uptick started in 2020 and is expected to continue this year.
Increased Demand for Construction
Because many buyers are looking for their starter home, properties in entry-level price ranges are flying off the market. The construction industry is feeling the pressure as they try to keep up with demand, and more buyers are choosing to purchase a lot and build exactly what they want. According to a recent market report from the Kansas City Regional Association of Realtors, sales for new homes were up 22%. Because of this, if you see a house come up that you are seriously considering I recommend making an offer the day it hits the market - it probably won’t be around for too long!
Commutes No Longer A Consideration
Now that the entire world has gotten used to hybrid work and learning, short commutes are not as much of a consideration for those looking to buy. People have realized they can go wherever their budget allows or to their favorite part of town without being dictated by distance from their workplace. This has opened up the possibilities on the market tremendously, and some areas in the metro that didn’t get as much attention before are gaining interest, such as Wyandotte County.
Amenities Are A Must
Now that we’ve all become accustomed to hybrid work and school schedules, comfortable living and work spaces have become a top item on the dream home checklist. Popular requests also include finished basements and larger outdoor spaces for relaxing and safely social distancing with loved ones.
I’m hopeful that 2021 will be a phenomenal year for real estate, for both sellers and buyers. Be prepared to act fast and to dream big - I’m ready to help!