Top 3 Real Estate Trends Of 2021: News That You Should Not Miss

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Top 3 Real Estate Trends Of 2021: News That You Should Not Miss

2020 was surely a challenging year but luckily it is over. There has been a lot of changes in the mode doing business post the Covid-19 pandemic. Almost every sector suffered at the hands of this virus attack and the real estate industry was no exception either. However, according to property dealers in Newtown business is right back on track now and is reviving like never before. This is reassuring for the major players in the market and  they are focusing on how to strengthen their business by keeping a track of the new trends. 

Trend 1: Rising Home Prices:-

It is true that recovery in residential real estate property is prominent in 2021 as compared to the previous year. But the concern that most home buyers are having is the increased price of properties. For sellers, this is a great news but buyers need to choose wisely keeping in mind the following important factors.

• Remember to limit your house payment to no more than  25%your monthly take home pay. 
• Saving your down payment can prove to be beneficial. Settle it between 15-20% as anything less than 10% will drown you in extra interest. 
• Calculate your mortgage and figure out a monthly payment that you are comfortable spending as per your budget. 

Trend 2: Online Real Estate Services Are Growing Drastically:-

• To keep in touch with the evolving customer habits and demands, online real estate services are gaining much importance. Though real estate consultants are key in the home buying process, clients now are determined to do their homework before signing up for any professional consultation.
•  Another significant change is the use of digital technology to handle all the documentation work virtually. For example many real estate companies are using electronic signature apps and remote online notarization to facilitate the process easily. 

Trend 3: A Competitive Buyers Market:-

• The prospective buyers who are thinking of either buying or selling their properties, need to consider that the demand is high and availability of your desired property low. The stiff competition points out that you need to act smart before you lose out on the best deals. 
• But one of the few positives of  a new rental  residential property in 2021 is increased facilities offered by landlords to attract new tenants. 

It is true that making a major investment requires a lot of understanding and analysis of the realty business. Therefore it is always advisable to understand your priorities first. For more insight into the current trend in the real estate market, do get in touch with Property360 the leading real estate consultant in Newtown.