2020 is over, but sadly most of the chaos is moving into 2021 with us. Most of the world hoped to see a clean slate as midnight struck crossing over into the new year, but that did not happen. Although it might seem events will get repetitive, there are some new trends that thrived in 2020 that will continue to in 2021, including relocating and being able to purchase a home virtually.
It is no surprise that businesses are adapting to working remotely, we can thank the quarantine period for introducing “WFH” (working from home) as the new job trend. Businesses are adapting to this since they still need to run during this on-going pandemic. Since working from home has become the new normal, homeowners have been on a constant journey to sell their homes and move to their preferred vacation spots. Homeowners have been anxiously on the market putting in offers, even over asking price, to secure their new remote location.
Due to the 11 month and counting pandemic, mortgage rates have been at its lowest towards the end of 2020. (Essentially any movement of mortgages can increase or decrease your mortgage over the lifetime of your home loan.) Making a move now can give you an advantage to prepare before the popular busy spring time. Because of the low inventory of houses currently, competition is rising. This could be an advantage to get your home to sell before more houses hit the market.
Following that, lowered mortgage rates apparently were left in 2020 and those who took advantage of that peak benefited greatly. However, 2021 is working differently and mortgage rates are slowly increasing already into the new year. If you find a home that fits perfectly for you and you are able to buy it, don’t wait in hopes for another drop in rates as the future is not predictable, so don’t risk your chance of losing your dream home!
Not to mention that the new normal of home buying is moving virtually, recently called “iBuyer home purchases”. Homebuyers are now able to fully purchase their new home completely virtual. So if you’re concerned about going out to house hunt, you don’t have to! You can still work with an agent, get a tour of the house, and put in an offer all without physically walking through the doors. It’s the new thing and it seems to be successful thus far amidst the world’s current situation.
Take control now while you can and sign on your new “working from home” home! We hope that you find your place this year and when you do, come find us to help you close!