COVID-19 disrupted most markets, throwing them out of sync. Some benefited, such as real estate, and others took hard losses. So now that the economy and markets begin to stabilize, how will the real estate market finish off this year? Predictions from various professionals point to a stabilized market, with potential downfalls.
Predictions
- Demand for housing is still at a record high despite the pandemic and much economic uncertainty. This will stay consistent for the rest of this year as people continue to move to the suburbs and millennials capitalize on the current market.
- Remote Work will continue to influence the purchasing behavior of consumers as more and more companies plan on remote work indefinitely.
- Home Prices will continue to rise as demand and remote work push more people to seek out homes. Until more homes are built, supply will remain limited as demand increases. This will give the prices of homes a surge.
- Technology pushes the real estate market forward. More virtual showings, and automation within the home that limits the need for contact.
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- Increased Foreclosures as the grace period for many renters and homeowners expires.
- Commercial Property will take a hit. As companies make the move towards remote work, the need for buildings will no longer be needed.
- Rural Properties will continue to grow in demand as people need more space.
Investors
As consumer preferences shift in the direction of larger, rural properties, investors should capitalize. As trends predict, there will be many foreclosed properties that investment rental companies are going to buy, then turn around and rent them out to the same type of families that cannot afford to pay the monthly mortgage on these homes. Investors would be wise in renting out these properties to families looking for more space without the price tag of a mortgage.
When you work with WiscoTurnkey, we help match you to the perfect property and then handle everything from tenants, home issues, and complaints. Our process is simple and easy to understand and all you have to do is sit back and enjoy the monthly passive income. Set up a call with one of our experts today!
