The pandemic of late-2019 and all of 2020 left no industry untouched from some level of harm. Restaurants were forced to shut down, schools converted to virtual learning, brick and mortar retail took a nosedive.

The real estate industry faced its own unique challenges. Showings and open houses were halted, and real estate offices closed. When they reopened, houses were on the market for mere days and most were selling above the asking price.

Unfortunately, this surge doesn’t mean the damage done is no longer. The question is, what are the expected real estate industry trends for 2021?

Can it recover in the coming year? At this point, the answer is up in the air.

Read on to learn more about the expert predictions of what to expect in real estate in the coming year.

Current Real Estate Industry Trends

Since we are just freshly freed from the year 2020, the current real estate industry trends are continuing to follow what they have been. Haven’t kept up?

In short: home prices remain high and mortgage rates are still low. We’re in somewhat of a dual buyer and seller market.

It’s still up in the air what is in store for the new year, but it’s looking like it will be another year of loss for some, but with that comes an opportunity for others.

The New Normal: A Future of Foreclosures?

Many Americans were granted a temporary pass so-to-speak through the CARES Act and were exempt from making mortgage payments for up to 360 days. However, that period is coming to an end.

Foreclosures are expected to be on the rise this year as that period closes. While this is a negative experience for those losing their homes, it is an opportunity for investors.

Commercial

Unfortunately, many small businesses could not absorb the tremendous loss amid the pandemic and officially closed their doors for good. On the other hand, big-box industrial real estate trends are experiencing a boom of success.

Commercial real estate industry trends reflect this small business vs large corporation juxtaposition.

Like with the foreclosure situation, the closure of small businesses creates available real estate in 2021.

To Buy or Not to Buy, That Is the Question

Is 2021 predicted to be another year touted as the perfect time to purchase?

For now, home prices are expected to continue to rise and mortgage rates will be low, for now. By the second half of 2021, as the pandemic lifts, experts believe things will level out.

The answer to this question of whether to buy is ultimately determined by where you reside and if now is a good time for you to purchase financially. You can find several resources where you can find out more about where your area stands.

Real Estate Resilience

No matter what the current real estate industry trends are, there will always be a need for the buying and selling of properties.

Though the new trends in the real estate industry remain to be seen, the ups, downs, and uncertainty won’t overturn this resilient industry, it just may take some time to get back to normal.

As always, remember you can count on our blog to keep you up to date on all things real estate!