The experts say that the good news is that 2022 may finally put the sector back into balance; however, it may not be back to pre-pandemic normal. Keep an eye out for these vital trends if you plan to purchase or sell a house this year.
The pandemic has hastened digitization in all industries. The housing market is no different. Because of the pandemic and the competitive property market in 2020, some customers bought their homes without seeing them.
Because of virtual capabilities, many people could take a virtual tour of the property, and make buying decisions without even setting foot in the property beforehand. These virtual capabilities include:– 3D Tours– Drone videos– Virtual staging
The COVID-19 pandemic has driven suburban migration from large cities. For the next 3-5 years, the trend of people opting not to live in big cities may continue. The shift is driven by two factors: need and choice.
Those who can no longer afford to stay are forced to relocate. While the wealthy are relocating by choice. People who lost their jobs during the pandemic and were unable to pay the high prices of living in major cities to seek more cheap housing options.
Several reasons are driving demand for single-family houses, including:– As people shift from cities to the suburbs, the demand for single-family houses is growing.– Quarantine, social separation, and telework have increased demands for houses.– Pre-pandemic housing patterns were strong.