The Great Real Estate Reshuffling
Has the pandemic permanently changed the way we live and work? A prominent real estate executive calls it the “great reshuffling” as the real estate industry begins to show the impact of COVID on the marketplace. 2020 was the year when people’s lives were upended. Suddenly many people were working from home and wishing they had space for more privacy. Adult children were returning from home having lost incomes and the ability to pay the rent, or simply wanting a refuge from COVID surges.
Many children were unexpectedly going to school from home and spending much more time both inside the home and in the backyard. With parks, playgrounds and gyms closed, the need for outdoor space was critical for people of all ages.
Shelter-in-place was the like a global game of freeze tag. When it hit, where did you find yourself? Did you have enough space indoors and out? Trampolines, heaters and fire pits were sold out, showing the tremendous demand to be outside for space and the ability to socialize safely with others.
People who suddenly didn’t have a commute to contend with decided to take advantage of the ability to move near family or out into nature. Some decided it was their once-in-a-lifetime opportunity to move to a favorite city, particularly as certain companies created policies where employees could work from home indefinitely, even after a vaccine is deployed.
This great reshuffling isn’t unlike a deck of cards. COVID may be the wild card, but the hand you have been dealt in real estate is one that is best played with utmost preparation in mind. There are many things you can do to prepare for 2021, whether you are a prospective home buyer or seller.
“It is important to keep in mind the factors that have played a part in 2020 as we move into 2021: low mortgage rates, strong home sales and sale prices, and a dramatic shifting of the traditional home buying seasons. The way buyers shop for homes has pivoted, too, with virtual tools like video home tours becoming commonplace,” remarked Karl Lee, Chair of the Mlslistings Board of Directors.
If you are looking to buy or sell a home in this part of
® the Golden State, your Realtor armed with the latest Mlslistings data can be your North Star to help you get acquainted with the local housing market to achieve your real estate goals. Whether you are the buyer or the seller, 2021 could be the year you reshuffle the deck and play your cards right.