Brian Buffini’s Bold Predictions 2021
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Every year in his Bold Predictions broadcast, Brian predicts what lies ahead for the real estate sector. As part of this year’s broadcast, he interviewed Dr. Lawrence Yun, Chief Economist at the National Association of REALTORS®. Dr Yun provided some powerful insights into the current state of the market and what the future holds for the industry in the next 12 months. Here are some of his top takeaways:
The Market Is Healthy
Despite enormous challenges related to Covid-19, housing has shown remarkable resiliency in 2020. The continuation of a recovery in the jobs market, coupled with record–low mortgage rates, will have a positive impact in 2021. Furthermore, there will be new demand for housing arising from remote–working flexibility, as some people look to trade up to a bigger home or move out of the more densely populated areas and into the suburbs. Taking all of this into consideration, as well as the constraints of the ongoing inventory shortage, Dr. Yun predicts that home sales will rise between 5 and 10 percent in 2021, with prices increasing between 3 and 5 percent.
Relationships Are More Important Than Ever
Many people who were not considering buying or selling a home before the pandemic are now reassessing. Being at home much more means people are re-evaluating their situation and coming to the conclusion that they want more space, an extra bedroom or a home office to work in. Dr. Yun suggests that agents get in touch with their past clients to see if they need help considering their options when it comes to a home that better meets their changing needs and lifestyle. The trust factor will be key here – if you have developed solid and trusted relationships with your clients and served them exceptionally well in the past, they will want to hear from you now.
Training Is Key
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After an unprecedented 2020, real estate professionals must be extra–prepared for what 2021 has in store. In his annual Bold Predictions broadcast, Brian analyzes the most comprehensive research and data available to help agents successfully navigate upcoming changes, capitalize on future opportunities and maximize success in 2021. To learn more, listen to the latest episode of “It’s a Good Life”.
