It has been roughly more than one year since the world changed because of the COVID-19 pandemic. For a while, it put a hold on one of our most vital markets, tourism. The sudden loss of easy access to places like Phuket, Chiang Mai, and Bangkok meant that the previous form of Real estate investing needed to be re-evaluated.
In the past, the ease of travel allowed people to come to view properties in Thailand or anywhere in the world. But as we have learned to cope with our new lifestyle, we have also learned to evolve the way we do real estate. This 2021, there are a lot of new things to look forward to as it promises to be another eventful year.
Let’s look at some of the real estate trends to look forward and to make note of for the rest of 2021:
1. Real Estate Trend: Slim Pickings for Home Buyers
This is the hardest one to swallow, but super important to note. The housing inventory has been super low! There just wasn’t enough housing available for the upcoming demand last year. But don’t worry, we will let you know what to expect if you do enter into the market.
Slim pickings means that you will have to act fast as a buyer and hold strong as a seller. Low inventory means low selling competition! You can probably expect to see offer letters flooding your mailbox the same way Harry Potter gets mail from Hogwarts. Sellers are in the driver’s seat at the moment, so use this to your advantage. Buyers need to set up wider parameters for their properties, in order to make sure they get one before the competition scoops it up.
2. Real Estate Trend: Home Prices Are Still Rising
Property prices have been growing steadily and have been on the rise constantly for a few years and 2021 promises to be the same. Sellers, this is fantastic news and should put a huge smile on your face! And hang tight, dear buyers—there’s good news for you too.
The consistent rise in property prices means that it’s a bad time to invest or buy property as you are almost always guaranteed to make a profit if you invested wisely and in the right area with the right people. For sellers, this is a great time to sell and to look towards a new investment, backed up by the rising demand and the low mortgage rates mentioned below.
3. Real Estate Trend: Mortgage Interest Rates Are Still Super Low
Mortgage interest rates play a big role in the housing market, impacting demand, home prices, and affordability. In early 2021, mortgage rates hovered around all-time lows. The average person now has more leverage on what they can buy and how much they can loan. This means that there are more people looking for property which is more competition or more buyers for you to sell to.
4. Real Estate Trend: The Increase in Work From Home Demand
The modern man or woman is most likely working online and would be interested in staying at places that have home offices or work spaces.
Trends are strongly hinting that the work from home experience could be here to stay. The more this pandemic forces people to work remotely, the more productive remote working employees are becoming, allowing companies to relax and expand their work from home policies. Even before the pandemic, the shift to working remotely rocketed the importance of home offices. Many multifamily developers were already building co-work spaces into their rental properties.
Whether you’re selling or buying, you can take advantage of the current trends by partnering with a professional real estate agent. Our team members are top-performing professionals in your market who’ve earned our seal of trust by actually caring about your financial goals.
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