The pandemic has made people realize the value of their homes. Renting or leasing a house was a good alternative, but in 2020 it became difficult. Since the start of the pandemic, people have refrained from moving to other cities and a lot of owners do not prefer other tenants living under the same roof. This is when buying a home is more crucial than ever. Experts estimate that the real estate market will highly-grow in 2021.
See the reasons behind that.
Low mortgage interest rate
The mortgage interest rates are expected to remain low this year. In 2020, the average interest rate for a 30-year fixed mortgage dropped to 2.65% from 3%. This year it is expected to start with an average rate of 3.1 %. This rate is for a loan of 30 years. These rates can reduce the monthly payment of the house which the buyer has to bear. With this, you can also expand your budget or plan to buy a higher-priced home at an affordable price.
Working from home
Remote working is the new normal. In the upcoming time period, the trends of brick and mortar are likely to vanish. Many businesses will operate entirely from home. Securing an office space requires a lot of investment. In order to maintain one has to put a lot of money into furniture, electronics, and other many accessories. To escape this hassle, people will work from home, communicate through online mediums, undertake their operations through digital tools, and save as much money as they can. Rather put that money into buying a new home.
The outdoor space of the area beautifies relaxation. After working an entire day at home, you can calm your mind by sitting in the outdoor space of your house away from densely populated areas. Those who live in the apartment can enjoy the balcony in the evening, with a cup of their favorite beverage, and the fresh breeze moving around. Currently, on average 27% of people spend their time outdoors, which is expected to rise in 2021
Renovation costs are higher, and it needs to be done at regular intervals. If you sum-up the cost of all the renovations, it would be equal to the amount of purchasing a new house. People are likely to buy new homes to escape the problems of plumbing and furnishings and even get a change from a single location. According to the research of the National Association of Realtors (NAR), 44% of home buyers purchased a new home to eliminate these problems. Buying a new house over renovating the old one is convenient, easier, and cost-effective.
Growing online real estate services
Nowadays everything is available online, even real estate services. The good thing is people are getting used to it. People can put up their homes for sale online. They can also get in touch with a buyer and seller directly through the website or application. You can also approach a third-party to sell your house in exchange for a commission. Allot responsibilities of inspection, cleaning, and repairing and pay him accordingly.
You should ask about the best realtor in Richmond VA to the people who have taken the service before, and choose the genuine one. Which means buying and selling on fingertips?
Thus, the list remains endless, but these are the basic reasons you should keep in mind while purchasing a house. No matter how big or small you purchase, it will definitely serve you the expected comfort. So, if you are on your way to purchase your house, then make sure to end up investing well.