Where do we even begin when it comes to predictions for the real estate market in 2021? Who could’ve predicted anything remotely close to what we saw not only in real estate but as a world in 2020?
While Seth Fowler, your Bow Tie Realtor, might not be an expert prognosticator, that doesn’t mean we can’t have some fun.
Prediction No. 1: More FaceTime
Like it or not, Zoom calls, FaceTime, and remote videos and meetings are here to stay. In 2020 many real estate agents found virtual video calls quite helpful to “show” a home to their clients.
This method of showing and seeing a home will become more-and-more commonplace in 2021. Live streams and videos with the ability to interact via a computer or phone are far superior than looking at still photos. Whether for convenience or safety concerns, get used to seeing and even buying a home before you actually visit the property in person.
Prediction No. 2: How Low Can You Go?
No, I’m not talking about low prices for homes in Tarrant County — or certainly the Dallas-Fort Worth Metroplex (get used to rising prices shoppers!) I am talking about interest rates.
Sure rates will increase a little bit — but you have to think that the Biden/Harris regime isn’t going to come to power and immediately restrict home buyers from getting the cheap money that was available under Trump.
Rates are a silly, all-time low and like it or not, it’s allowing home buyers to keep pace with the increasing prices that won’t be declining anytime soon.
Prediction No. 3: Where’d You Go?
Did you know that in Tarrant County alone available home inventory declined 45.2 percent from November 2019 to November 2020? How can this be?
For starters cheap money has made many home buyers realize they can afford a home versus wasting money renting an over-priced apartment.
Another reason is because those who might consider selling their home have decided to wait either because they are concerned with strangers and COVID-19 in their home, or because they realize that they won’t be able to sell their home and find anything nearly as good, or better, in their desired neighborhood. This is what people on the East and West Coasts have been dealing with for years — replacing isn’t always upgrading.
Prediction No. 4: Howdy … Dude!
I know this is shocking news, but do you realize that people are fleeing California (for a variety of reasons) and moving to Texas by the hundreds of thousands.
Regardless of the reason for the mass exodus, it’s not going to slow down anytime soon.
A thought: Does this mean we are going to have to start calling it “The 35” and “The 820” when it comes to our highways?
And it’s not just California. This year alone The Bow Tie Realtor has had buyers from Washington, Ohio, Nebraska, Illinois, and Michigan to name a few states … they all love my bow ties and Texas twang, of course.
Prediction No. 5: Thank God You’re in Texas
Of course, we all know Texas is the greatest state when it comes to just about everything except snow skiing. We have jobs, opportunity, culture, diversity, laid-back elegance, higher education, sports, commerce, and so much more. (Maybe we should be our own nation again? Something to chew on.)
Yes, traffic is going to get worse. Yes, our property taxes are merely an excuse for inept politicians who can’t make good choices with the money they’re given. Yes our state is developing a purple hue when it comes to politics. But, imagine living in many of the other states where there is no economy, no demand, no desire to live there … no thank you!
When you hit your knees at night, make sure you are thankful for living in the Lone Star State.
Let get going in 2021!