Here we are: the last day of 2020. We can feel the collective exhale around the world as we close out this strange, unfamiliar, challenging chapter.
2020 was certainly not easy. However, families got closer together, people took breaks and reevaluated the important, and unimportant, things, healthcare and essential workers got the recognition they deserve, and something as simple as completing a puzzle with your quarantine pod brought tremendous joy.
We paused. We reflected. We learned.
From our perspective, 2020 was a reactionary year in which we saw folks make quick moves – taking their offices in tow – to wherever their hearts desired.
“A fearless layer of the very-flexible millennials fled to the mountains, the country, the beach; often out of state, and often in a temporary new location to explore. Meanwhile, those that had been planning to make a move sometime in the far-off future stepped their foot on the accelerator. City dwellers, formerly satisfied in the day-to-day bustle of easy transportation, abundant restaurants, and lively entertainment (for at least a couple more years), made a quick exit to the suburbs to stretch their legs in their own backyard and settle into the next chapter of family life.
As a result, single family home inventory disappeared, and rose 15-20%. Attached housing inventory increased sharply, with pricing reduced between 5-10%.”
– Kim Cole, Kim Cole Real Estate
So what can we expect to see as we move into 2021? We predict that this year will be strong: now that the dust has settled around this “new normal”, Buyers and Sellers will move more steadily with greater intention.
According to Forbes, “While we expect mortgage rates to tick up gradually, sales and price growth will be propelled by still strong demand, a recovering economy, and still low mortgage rates…On the whole, the market will remain seller-friendly, but buyers will still have relatively low mortgage rates and an eventually improving selection of homes for sale.” (Richardson, 2020, para. 3). Indeed, “Single-family detached homes will slightly slow their pace, but remain steady as stock portfolios multiply, and great promise continues in a healing world.” – Kim Cole
Similarly, whether because there are more options, or because of better price points, we believe that Buyers will want to take advantage of the many advancing opportunities in the condo market.
Importantly, this year will also bring with it a focus on high density affordable housing. In fact, “With the widening gap in wealth, coupled with the growing need to keep our community safe and warm, the mission will be paramount, supported heavily by local government and the public’s growing awareness that we must join hands and take care of each other.” – Kim Cole
We are excited for a fresh start, not just because we are ready to shake off the dust of 2020, but because there are genuinely fantastic opportunities that await. Of course, let’s not forget the many valuable lessons 2020 has taught us: we have fought, and we are still fighting. We look onward with hope, bringing with us the things that matter most.