Buying a house has never been the easiest transaction to make. It surely isn’t as simple as driving to the store or going to a retail website and making a purchase with a punch of a card. For one, when buying a home for the first time, it usually involves our life savings and a mortgage, and is simply a big, big decision to make.
Needless to say, the ongoing pandemic (and its effect on the economy, among other things) has added to the complexity. It’s not all bad though, just different, and as you eventually talk to a Longmont real estate agent when you finally move toward buying a home this year, don’t be surprised if some things aren’t quite as you’d expect.
There are more buyers than there are homes for sale
The pandemic has forced many people to stay home for extended periods and to transform their living spaces into offices and classrooms. Being put in this position has led many to reassess their residences and look for houses that can better accommodate having to live, learn, and work at home.
This ‘race for space’ has led to a more-than-the-usual number of buyers looking at the market—buyers who you’ll be contending with when you purchase a house this year. The uncertainty brought about by COVID-19 remains, so you can expect that many will continue working toward getting homes that help make it easier to live through.
Home prices will continue to increase
As you’d expect, home prices will continue to increase because there are a lot of interested buyers but not enough properties up on the market. According to the National Association of Realtors, the median existing-home sales price rose to 19.1% year-over-year to $341,600 and likely won’t let up any time soon.
Keep in mind, however, that prices (and demand) also vary per season, so the time you choose to go through with your purchase will also factor into how much you’ll pay. Homes have been observed to be a little more affordable earlier in the year (January and February), and most expensive in June and July.
Virtual house tours will continue to take place
Last year, the real estate industry–like a lot of others–adapted to the pandemic by making virtual tours the norm in home buying and selling. As the health crisis has yet to be resolved, virtual tours remain the safest option to view homes for sale, and you can expect the real estate agent you choose to work with to help schedule these for you.
This will be good to take advantage of during your home search. With you being able to view properties conveniently from the comfort of your current home, you can view more houses in less time, quickly narrowing down your choices and eventually being able to decide more promptly and buy within the competitive seller’s market.
Ready to explore the Colorado real estate market and get going with your 2021 home purchase? The team at The Noel and Martinez Team is eager to help you be ready for the unexpected and successfully buy a new home. Contact our team at 303.774.9400 or leave us a message here.
