As the severity of the COVID-19 pandemic situation fluctuates, it has importantly shown the need for this basic human right – shelter, home! With so much that happened across the world in the past year, you may wonder how it’ll impact housing trends in 2021.Well, here’s what you should know.
On a Global Scale
After experiencing setbacks at the beginning of the pandemic, home sales soared. Many experts are forecasting increased demand from buyers in 2021. This may include demand from people who delayed purchasing homes because of the pandemic. And others who need larger spaces to accommodate working from home, and children attending school virtually. According to Zillow Group, Inc., prices are still expected to rise in 2021, but at a smaller pace than we saw in 2020.
Not to worry, if the location or house you plan to buy is competitive, don’t overlook less popular neighborhoods. And even if prices remain higher, commit to staying within your budget and work with a good real estate agent to help find a suitable home. Talk to the property development experts at SAIF Real Estate
On a National (Nairobi) Scale
The year 2021 is set to be a defining year for Kenya’s real estate market, following an unfavorable 2020 occasioned by the Covid-19 pandemic. Although the severity of the effects of the pandemic on Kenya’s real estate sector is still unclear and developing, housing is still a major need. But if there’s one single lesson we can all learn from this pandemic; it would be the importance of having your own home. Indeed, there is nothing more important than a beautiful, safe home.
High costs of construction are in part due to Kenya’s very high import duties, poor import logistics, and an unfavorable tax regime. This in turn affects the cost of housing.
Meanwhile, if you are audacious, you can buy a home this year without getting out of your car. So, the next time an estate agent suggests walking you through a house online, etc. Don’t be surprised; all part of the new normal. Yes! You could start the process of choosing your ideal home, online.
The Bottom Line
The housing market could look very different in 2021. If you’re interested in buying a home this year, be sure to keep tabs on these and other potential changes. The more informed you stay, the greater your chances of getting your ideal home. This is why taking action today is crucial. The ability to tour homes and close on purchases virtually will also make buying a home simpler in 2021.
Whatever the case, you can take control of 2021 housing trends by partnering with a Top-Notch Real Estate Company