These Were the Biggest Lessons Learned from the 2020 Real Estate Market
There were many lessons learned in 2020. For example, there is no such thing as too much toilet paper.
While there were a lot of moments that we’d rather forget, there were also many that will have a lasting impact on how we approach real estate and our businesses for years to come.
Let’s take a look at the biggest takeaways for 2020 real estate so you can go into this New Year prepared for success.
When everything changed in the spring, there were a lot of questions on everyone’s minds. You didn’t know what was going to happen with real estate. Your clients didn’t know what was going to happen with real estate. And worst of all, a lot of the news that came out had frightening headlines that made everyone expect the worst about the housing market.
That, obviously, didn’t happen.
So if we learned anything from this year, it’s that we should always have our finger on the pulse of the industry. Especially because the agents that did, and were able to relay that information to their worried clients, were the ones who came out ahead.
Case and point, staying on top of the latest market insights is and always will be important.
Remember when everyone was freaking out that there may be a recession in 2020? Well, it happened (albeit for slightly different reasons than previously anticipated).
You know what else happened? Real estate had one of the best years it’s had in decades.
That’s because….drum roll…a recession does not mean a housing crisis will follow.
In fact, unlike 2008 when the real estate market actually caused the recession, housing has played a huge part in helping the economy slowly but surely get back on its feet.
While we may have a long road ahead of us, experts project that it will continue to do so in the coming months.
Nothing will test your sanity like being locked in a small apartment in a city for months on end.
That leads us to one of the more surprising real estate trends of 2020: the urban to suburban shift.
Whether they were looking for more space, better accessibility or a bit of fresh air, nearly 68% of agents across the country noticed a moderate to significant shift to more suburban or rural locations.
While no one is sure if this trend will stick around, the increase in remote jobs could mean it carries through to next year.
When state-wide quarantine orders swept the nation in March and April, everyone expected the worst about the 2020 real estate market.
However, those worries were quickly lifted when buyer demand didn’t slow down. Instead, the hot spring market was just postponed for a hotter summer market, leading to a record number of sales.
If we learned anything from this year, it’s that we can’t totally predict what the future holds. However, the 2021 housing market forecast looks promising and experts project that this year could be just as busy.
Nothing can make you appreciate home more than being stuck in it for months on end.
While some of us took the extra time to rearrange furniture, paint rooms and finish many home renovation projects, others realized that they were in need of a whole new upgrade.
Regardless of it all, we can agree on one thing: home has never been more important.
While most of us would rather forget 2020 happened, we can’t deny the impact it had on real estate.
Suddenly industry standards weren’t so standard, and agents across the country did whatever they could to keep their business going. This upcoming year hopefully won’t be as eventful, but there were still a lot of big learnings to take into this new year and beyond.
By knowing last year’s biggest takeaways, you can make a plan for success and be prepared for whatever real estate throws at us in 2021.
Because if we had to sum up the past 12 months into one big lesson, it’s that above all else, keeping current matters.
