If you are a real estate investor facing local market conditions that have adverse impacts now is a good time to explore ways to expand your real estate investment portfolio and international real estate holdings to find opportunities that others might find difficult. Think digital, if you will. Where are all the people who used to frequent physical casino locations spending their money? They’re going to platforms such as www.casinoinquirer.com, aren’t they?
Real estate investors are looking for ways to stay ahead of each other and the competition, including finding and capitalizing on the hottest real estate markets of the year. Understanding the key factors driving the market is essential for a comprehensive assessment of potential investments. The Illinois housing market is in a unique position despite the economic impact of the COVID-19 pandemic, with low mortgage rates and declining inventories motivating buyers to drive up prices and buy homes before they even go public.
Exploding demand over the past year, coupled with low housing supply, has pushed up the prices of available homes, sending home prices soaring. While this surge in demand is welcome news for homeowners – 65% of American households are homeowners – it is troubling for the growing number of American households locked out of the housing market. The housing market could become even more hyperactive in 2021, pushing home prices to double digits and causing homes to sell faster than ever in these competitive market conditions.
In cities such as Los Angeles, where the statewide median home price is at an all-time high, and San Jose, where 98.7% of homes have recovered or surpassed their pre-recession values, home prices are soaring while other areas are still catching up. The double-digit annual growth in listings and sales prices shows that, despite the extreme lack of inventory, there is incredible demand and signs that sellers are back in the property market. Thanks to technological improvements in home sales, such as 3D home guidance, many fewer homes are on the market this year than last year.
After being barred from buying homes at normal rates in recent decades, many are rushing out of the housing market, but following the money to platforms such as online pokies sites. The proportion of homes that have lowered or sold their price has risen following a historic slump, according to property research firm Altos Research.
Large corporations and institutional investors have sifted through the data and concluded that, with interest rates remaining low, many Americans cannot afford to own a home, so I suspect that one of the pandemic’s final consequences will be that more people will work from home and need (or want) a larger home. People on the verge of buying a home leap into the market, whether first-time buyers or buying a second home, putting significant pressure on the market as people not only put homes up for sale but also take them off the market. Not only are many homes already on the market, but many new homes are on the way, and buyers need to be patient.