5 Tips to Navigate the Real Estate Market in 2021

Real estate is just one of the industries that has its ups and downs because of the pandemic that continues to rage on. Las Vegas realtors are experiencing a seller’s market at the moment, but it’s almost impossible to say, for sure, how the market will fare in 2021. 

If you’re thinking about buying or selling in the upcoming months, here are a few housing market predictions for 2021 that’ll give you some insight on what to expect.

1. Real estate is going digital

Much like everything else in our lives, real estate is embracing the digital world full heartedly. While they may have used programs like DocuSign and DotLoop in the past, COVID has made agents rely on virtual and 3D tours, Facetime for showings and online open houses. These safeguards are likely to go into the future simply because they are convenient and save a lot of time for everyone involved. 

2. Selling in 2021 could be beneficial

Almost every market in the country is experiencing a strong sellers market, and Las Vegas certainly is no exception. Buyers are taking advantage of the low interest rates, but because inventory is low too, sellers are likely to receive multiple offers, sometimes they’ll get offers above asking!

3. Buyers will lean toward new construction

Since there are so few houses being put on the market, buyers might start looking into new construction. New construction allows buyers to have a home built to their tastes, they’ll have home warranties, and because everything is new, they won’t have to worry about anything breaking down. 

It’s important to note that if you’re considering looking into a new construction home, you’ll want to get the ball rolling early on because building a home could take a while – sometimes up to eight months from start to finish.

4. Sellers have the power to negotiate

Since it’s likely that it’ll continue to be a strong seller’s market in 2021, sellers have the power to negotiate. They can reject offers where a buyer asks for help paying closing costs, ask for repair credits or have repairs done by the seller. The seller can hold out for the best offer without worrying too much about how long it could take. 

5. Home prices will continue to increase

Buyers are already seeing housing prices increase because the inventory is low and sellers are cashing in on this. An incredible 99% of real estate agents believe the prices in their market will increase or at least hold firm in their market. Since prices are on the rise and it’s tight competition to get their offers accepted, buyers may want to make their best offer first. This could mean coming in at asking price or even offering slightly more than asking. 

The real estate market has always been a bit of a roller coaster ride, but that’s even more true in 2020. The pandemic has made everyone from all aspects of the homebuying process think on their toes, be a little more careful, and strategic. 

This doesn’t necessarily mean it’s a bad thing though! It just means you’ll definitely want to do a little bit of research and find yourself a real estate agent with plenty of experience and understands how their particular market ebbs and flows. By working with a respected agent, you can rest assured in knowing they’ll have your best interest at heart and won’t steer you wrong. 

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