What Does the Future Hold?
Here are my five predictions for how the market will be next year.
This real estate market has been a wild ride, but it’s not over yet. Here are five predictions I have for the real estate market in the next 12 to 18 months:
1. Less urgency. We're going to see less urgency for residential real estate because major metro cities are reopening and there's less escapism from those to second-home markets. The second-home market will likely soften a bit.
2. More renters. The demand for rentals is at an all-time high because affordability is so poor at the moment.
"Prices will keep rising due to scarcity, demand, and utility."
3. Multi-family. Investment in the multi-family sector is going to grow as well because vacancies are low and rents will soon start to rise.
4. Fewer offers and fewer showings. If you're a seller, don't expect many offers or bidding wars like last year, and don't be surprised if buyers are picky about their inspection list.
5. Above-average appreciation. Prices will keep rising due to scarcity, demand, and utility. There are only 6.8 million units for sale right now, and we know demand is high, especially among millennials and people who now use their home as a space for work and exercise.
I'm always happy to help you with any of your real estate needs. If you have any questions, visit ILoveSedonaRealEstate.com and reach out to me. I look forward to hearing from you.