The global housing market has been forever changed by the COVID-19 pandemic, with real estate prices rapidly, buyer demand and the use of tech tools significantly increasing. However, financial analysts predict that these trends are likely to remain post-covid as more people become vaccinated and the number of unsold housing units continues to increase.
Although competition in the real estate market is still incredibly fierce, experts predict that more available housing units will become available in the coming months.
Furthermore, buyers are adapting to using digital tools that make home shopping easier. New innovations in real estate technology can give home shoppers an experience like an in-person tour from their couch hundreds or thousands of miles away.
In fact, nearly 40% of Generation Y prefer purchasing homes via the internet. Interestingly, the percentage of those who would make an offer on a home they never visited in person but had a virtual viewing of increases to 59%.
Furthermore, with 79% of Americans claiming that they would like a 3D online viewing of the property they are interested in purchasing, potential buyers’ demand for innovative technology tools that assist them in housing purchases is expected to continue.
Real estate prices are additionally expected to continue rising. Although analysts expect more inventory to meet buyer demand, on average, home prices are expected to grow 6.2% in 2021 — two percentage points higher than when they were surveyed in the fourth quarter of 2020.
Compared to 2020, a typical house in the USA has appreciated by a total of over $20,000.
