Change is something we all have gotten used to in the last two years. The pandemic has altered how many people work, play, go to school, and even where they live. Remote working has meant that many Americans can choose to live in areas far from where their company’s office location. Real estate has changed quite a bit in the last two years as well, and Raleigh Cary Realty knows all about that.
4 key changes we have seen in the real estate market in the past two years are:
- Work From Home Is Not Going Away. As noted above, remote working is a real thing. What started out as an immediate need when offices closed in March 2020 has turned into a permanent fixture for many companies. As a result, homebuyers began looking for properties with the space to install home offices. Plus, knowing they could work from anywhere meant many buyers looked to move to other areas. The Triangle area saw a large migration of new residents.
- Lower interest rates increased home buying. To help keep the economy going during the pandemic, the Federal Reserve lowered interest rates which resulted in mortgage rates plunging to all-time lows. Increased home buying resulted in higher prices as demand exceeded supply.
- Millennials hit the market. One of the recent trends of the last two years is that the Millennial generation finally began buying. Millennials tend to have a higher interest in walkable neighborhoods with a proximity to community resources, so they have looked closer are mixed-usage areas that feature a combination of housing, recreation, and retail and dining establishments.
- Digital has entered the chat. Virtual meetings are the norm now, and so is virtual house hunting. If you are selling your home, be sure buyers can view it online through 3D tours and other means. It’s why we have a gallery view of all of our listings.
For more information on how real estate has changed in the last two years, or to find your new home, contact us at Raleigh Cary Realty. No one stays on top of the market better than we do.