5 Top Home-Buying Trends in 2021
If you have an active lifestyle and love exploring the outdoors, the Northern Beaches can be the perfect place for you. This region keeps you connected to Sydney but offers all the perks of being away from the daily traffic and busy streets. Whether you enjoy surfing, running, biking, or simply going to the beach, you can have that on the Northern Beaches. As a whole, you can find that balance between work and life since the main city is not too far away, but the neighbourhood offers more peace and comfort.
Given the pandemic situation, it is natural to feel apprehensive about looking through the houses for sale in Northern Beaches. Before making such an important decision, you must know how the market is doing and whether prices are in your favour. Since the pandemic greatly transformed the real estate dynamic, this article will help learn about the emerging trends for 2021.
Get to know more about what to expect in the market and what to watch out for this year, so you can make the best home-buying decisions.
To minimise face contact, many companies have shifted their operations online, and real estate is no exception. Back then, researching homes online was the norm, but today, even other aspects of the buying process are becoming virtual. For example, agents are using Livestream functions to do open houses, while companies are investing in tech infrastructure to conduct virtual tours on their properties.
2.Suburban Home Demand
As more people transition to the work-from-home setup, the demand for suburban houses continues to increase. These are particularly attractive during this time since suburban homes are typically larger and have more space, making them ideal for setting up a dedicated home office. All in all, many people are moving from urban centres to suburban locations, so home developers are responding to the shift by upgrading technologies to suit their work and schooling needs.
Due to low inventory and high demand, the prices of houses for sale in Northern Beaches and in the overall real estate market have been high. That said, you can expect the market to be more stable in 2021 compared to last year, so you can better select properties. However, with prices remaining high, it is important to be extra considerate about your budget and affordability to avoid overpaying for your home.
Another rising trend in real estate this year is furnished homes. Millennial buyers, in particular, understand the value of getting a furnished home instead of investing in furniture. In some cases, you can save money from not having to get furniture on your own. It also saves time since the place will already be designed, so in case you want, you can just make simple modifications and renovations to spruce up space.
While high prices may be discouraging for interested homebuyers, one of the advantages at this time would be the low-interest rates. In the summer of 2020, interest rates dipped to as low as 3.5%, shocking most homebuyers. It went even lower in November, dipping down to below 3%. While rates are generally still volatile and fluctuating, experts believe that the trend will remain low for this year. With that said, make sure you do not just consider the interest rate when deciding on financing, as you also have to consider things like the mortgage payment terms.
Author bio: Helen Harry is a freelance writer and extremely fond of anything related to Digital Marketing and Business. She is writing Technologies as well as fiction, like good music, loves her cat and eats too much. More than anything, She loves to share the knowledge of Technology.