Current trends in real estate include a mix of positive and negative developments. Covid-19 changed the way we look at real estate and will probably be the trend for a few years, nationally.
At Ebersole & Kelley Real Estate Team, we are focused on providing quality service and professionalism at every step of the real estate process. We’re entrenched in the Wilmington, NC Community and are your coastal real estate experts. From Hampstead to Oak Island, Carolina Beach, Wrightsville and beyond, call us for an expert evaluation.
Here are the top-10 key emerging real estate trends Nationwide:
- Increased Homeownership – By the end of this year, 2021, homeownership will increase by 5%. The rates increased in 2020.
- Lower Interest Rates – Additionally, lower consumer spending during stay-at-home orders have resulted in lower interest rates, helping affordability ratios.
- Steep Increase in Housing Prices – Increased pricing because real estate has entered a seller’s market that may increase inventory, slowing the pace.
- Millennial Home Buying Strong – Millennials comprise 38% of the home buyers and seek mid-to-upper-middle class homes.
- Affordable Homes Popular – 87% of the homes purchased were resale as millennials opted for homes needing TLC and updating over turnkey properties. Stay tuned for our blog on millennials!
- Shift to Second-Tier Cities – Real estate investors and buyers moved out of high-cost markets to second-tier cities and suburbs.
- Technology Impact – Real estate professionals are using online home selling platforms, apps, social media, and smart home technology to enhance effectiveness. At Ebersole & Kelley Real Estate team, we provide extensive marketing analysis and use of many tools that allow your home to be found by a targeted audience. Follow Us on Facebook!
- Mortgage Interest Rates Expected to Settle – As the economy continues to grow, experts expect interest rates to rise and then settle.
- More Demand for Luxury Homes: In the 3rd quarter of 2020, high-end home sales increased 60.7% year-over-year and this trend is expected to continue as more buyers prioritize an at-home lifestyle. Our latest listings can be found here.
- Smart Home Technology to Attract Tenants – Property managers are offering smart home technology in rental units to attract and retain tenants.
The Covid-19 pandemic has left a strong effect on the US housing market. The trends we explained above will shape the next few years in real estate. .
For information on Wilmington, NC and key stats on demographics, the Wilmington Chamber of Commerce has a relocation guide which is a great resource for new home buyers in the area. Contact Ebersole & Kelley Real Estate Team for the latest in Wilmington, NC and surrounding areas real estate market information. www.ebersoleandkelley.com
Come see us at Coldwell Banker Seacoast Advantage Realty at 1001 N. Lake Blvd, Carolina Beach, NC 28428 or call us to sell or buy your new home!
910-619-2050
