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With the US real estate market managing to thrive during the coronavirus pandemic, many investors are beginning to make plans to enter the market next year. If you want to ensure a high return on investment in the US housing market 2021, turn to our list of the best places to invest in real estate.
This list is based on the PwC’s Emerging Trends in Real Estate 2021: US and Canada report. The annual report put out by the PwC and the Urban Land Institute features key data, trends, and insights from over 1,600 real estate experts. In this year’s report, the effects of COVID-19 were analyzed among other market factors in order to rank US cities in the Markets to Watch list. Those listed below ranked in the top 10 for overall real estate prospects. Read the full report here.
In addition to breaking down information from the report, we have included key real estate market statistics derived from Mashvisor’s database and other top resources.
Last year and pre-COVID-19, the Raleigh/Durham real estate market came in #2 in the report for overall real estate prospects. Now, amid the pandemic, the location has managed to take the title of the best place to invest in real estate for 2021.
The report labels Raleigh/Durham as a “Magnet City” – a place where both people and businesses have been migrating to during COVID-19. As an 18-hour city, the location’s culture, general way of life, and the local job opportunities continue to attract residents.
Another factor that is attracting newcomers is the relative affordability of homes for sale in the market. At the same time, both the Durham and Raleigh real estate markets have a high price to rent ratio (see Mashvisor’s data below). This is one of the factors that make the location one of the best cities to buy a rental property for 2021. Residents still find it more affordable to rent than to buy a home. In Raleigh, the current renter population is around 51%. For Durham, the population sits at around 53%.
In terms of general economic health, the Raleigh/Durham housing market ranked #3 based on the expert opinions in the report. Although much of the US still suffers from high unemployment rates, the Raleigh-Durham-Cary metropolitan area had an unemployment rate of 6.2% at the end of September 2020. Compared to the national average of 7.9%, the area’s job market is slowly but surely recovering from the high unemployment rate witnessed in April of this year (10.7%).
One reason the Austin real estate market has managed to weather the coronavirus is its lack of major economic dependence on the leisure and hospitality industries. As these sectors were hit the hardest during the pandemic, economics wholly dependent on them continue to struggle. Fortunately, Austin enjoys a diverse economy – just one of the reasons it takes the second spot on the list for the best places to invest in real estate in 2021. Austin ranked #1 for its local economy, according to the experts interviewed. As of September 2020, the unemployment rate was 6.5%.
The report labels the Austin housing market as a “Boom Market.” These are locations where real estate is in high demand and property values continue to appreciate rapidly. At the same time, Austin homes for sale have managed to remain relatively affordable, driving in-migration from West Coast areas like the California housing market during COVID-19.
Still, the local renter population remains high – around 56%. So Austin rental property owners will continue to enjoy good occupancy rates and high rental income next year as in-migration drives rental demand higher.
Related: 50 Best Cities for Rental Income
The Nashville real estate market is being hailed as a “New Boomtown” in the report and as a “strong housing market.” As such, it has managed to maintain its #3 spot on the annual list of the best places to invest in real estate.
Being an 18-hour city, it continued to attract new residents during COVID-19. However, it is one of the few major cities that has managed to draw in a large amount of “smart, young workers.” This has allowed Nashville to officially begin recovering from the pandemic-driven job losses witnessed earlier this year. The unemployment rate for the metro area dropped to 5.9% at the end of September. The city ranked #4 for the general health of its local economy.
If you are considering buying rental property in the Nashville real estate market in 2021, know that the renter population is around 48%. Based on Mashvisor’s statistics below, the rental demand drives a good monthly income and cash on cash return.
Related: The 7 Best Nashville Neighborhoods to Invest in Real Estate
The Dallas/Fort Worth market has moved up the list from #6 in 2020 to #4 for 2021.
Dallas is grouped with Nashville as a “New Boomtown.” However, the housing market also falls into another group: the Super Sun Belt Magnet Cities. Locations are labeled as such for their ability to offer an affordable environment for both residents and businesses. They also have thriving economies that are home to a diverse range of businesses. The location ranked #2 for its local economy.
This points to a positive job outlook, with the report estimating that cities like Dallas/Fort Worth will see 28% new jobs from 2019 – 2025. Currently, however, the local unemployment rate remains high amid the pandemic compared to other cities on this list – 8.4% for September 2020.
A diverse economy and a growing job market definitely earn the Dallas/Fort Worth housing market a spot on the list of the best places to invest in real estate. And those looking to enter the residential market should know that the renter population is high in both locations: 59% for the Dallas real estate market and 44% for the Fort Worth real estate market.
Another entry for the state of North Carolina, the Charlotte real estate market takes the #5 spot. The city is another labeled as a “New Boomtown” as people continue to migrate to the location during the pandemic.
Looking at the local economy, experts interviewed ranked Charlotte in position #5. As of the end of September 2020, the unemployment rate was 8.1%. So if you’re considering a real estate investment in Charlotte in 2021, keep an eye on the developing situation with the job market.
Charlotte rental properties enjoy demand as the renter population is around 48%.
The Tampa/St. Petersburg market did not make it onto last year’s list for the 10 best places to invest in real estate. For 2021, however, it has climbed up to position #6.
As a “Boom Market,” the location has benefited from in-migration during COVID-19. Similarly to Dallas/Fort Worth, the Tampa/St. Petersburg real estate market is a “Super Sun Belt Magnet” city.
For local economic prospects, the market was ranked #11. The unemployment rate for the metro area has been generally dropping since highs reached in April 2020. As of the end of September, the rate is 6.9%.
Tampa is a good rental market with a high renter population. The population in the Tampa real estate market is about 54%. It’s lower in the St. Petersburg real estate market, around 43%.
This is the first time in a few years that Salt Lake City makes it onto the list of the 10 best places to invest in real estate in the US.
The Salt Lake City real estate market has continually been a destination for those leaving California – before and during the coronavirus. As such, it is another 18-hour city to be called a “Magnet.”
The city’s economy ranked #13 in the report. At the same time, the city had the lowest unemployment rate of cities on this list by the end of September – 5.4%. And it is this improvement in employment opportunities during the pandemic that has kept in-migration high in the city.
A Salt Lake City real estate investment rented out long term would find demand from the general population as 53% currently live in rental properties.
It may be surprising to see Washington DC, an “out-migration market”, make it onto the list of the 10 best places to invest in real estate in 2021. However, keep in mind it is a suburban area of Washington DC that ranks in position #8. And despite the fact that the city has lost some of its popularity among the general population, most of the experts interviewed believe this COVID-19 trend is not a permanent one. It’s likely that the Washington DC real estate market will remain an influential center in the United States.
In terms of market groupings, the Washington DC housing market is an “Establishment.” This is because the city is considered to be a major center in the US and has continued to offer real estate opportunities for years. Washington DC- Northern VA is subcategorized as “Suburbs Ascending,” as it has gained popularity due to the coronavirus, allowing it to break into the top 10 for 2021.
For economy rankings, Washington DC- Northern VA came in #6. Although the unemployment rate initially showed signs of improvement back in May, it has remained steady, near 8.8% for a few months now.
Not only is the renter population in the Washington DC real estate market high (61%), but there is another reason to buy a rental property in the city in 2021. Studies show that after an election year, the DC housing market typically gets a boost.
The Boston real estate market is another “Establishment” on the list of best cities for 2021. One that is also witnessing out-migration during COVID-19 but that is expected to quickly regain its footing as a popular city center in the future. It’s subcategorized as a “Multitalented Metro Area.” Not only is Boston’s economy diverse, but it is considered to be a leader in a few different sectors, including biotech, education, healthcare, and even finance.
The Boston housing market is the only “Multitalented Metro Area” to be named one of the best places to invest in real estate in 2021, likely due to the specific industries it leads. Boston is also expected to experience growth, despite being an expensive market to do business or buy a home. Experts strongly believe that Boston will continue to attract residents in the future thanks to its leadership and the top universities in the area.
With all of that said, the local economy was ranked #9 in the report. The city still struggles with a high unemployment rate of 11% although it has been significantly improving over the last few months.
The Boston real estate market is clearly not the cheapest place to invest for 2021. Naturally, housing costs keep the renter population high – 67%. However, if you can afford to buy a Boston investment property for sale, you will find high demand and a low vacancy rate.
The Long Island market has been slowly growing for years now and as such, it’s not typical to see it named as one of the best places to invest in real estate. However, with the surge in demand for suburban homes, the location has quickly climbed the list and broke into the top 10 for 2021. It falls under the category of “Establishment” and the subcategory of “Suburbs Ascending” in the report.
Related: Suburban Real Estate Market Boom Due to COVID-19
The local economy placed #15 with the region’s unemployment continuing to drop, landing at 9.5% at the end of September.
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The shortage of homes is creating stiff competition for buyers and resulting in homes receiving multiple offers. This feeding frenzy is driving up sales prices and reducing the number of time homes are on the market.
Most people have more equity in their home than they realize. Couple this with high buyer demand reduced inventory and record low-interest rates... there has never been a better time to list your home for sale!
Interested in selling but want to find a new home to purchase first? No sweat, we have several programs that will allow you to buy before you put your home on the market!
Let us know if you want some additional information on buying before you sell, or if we can send you over a CMA (comparative market analysis) to show you how much your home would list for in today's market.
Homeownership is on the goal list for many young adults, but sometimes it’s hard to know exactly how to get there. From understanding the homebuying process to pre-approval and down payment assistance options, uncertainty along the way can ultimately hold some buyers back.
Today, there are over 75 million Millennials and 67 million Gen Z’ers in the U.S., making up a significant number of both current and soon-to-be homebuyers. According to a recent Fannie Mae survey of more than 2,000 of these individuals:
“88% said they are confident they will achieve homeownership someday.”
In addition, the survey also reveals that for younger generations, the motivation to own a home may be more emotional than financial compared to previous generations:
Whether homeownership goals come from the heart or are driven by financial aspirations (or maybe both), the obstacles standing in the way don’t have to bring these dreams to a screeching halt. The same survey also reveals two key roadblocks for potential buyers. Thankfully, they’re both easily overcome with the power of knowledge and trusted advisors leading the way. Here’s a look at these two challenges potential homebuyers face today:
For those who want to purchase a home, low-down-payment options are instrumental to affording one sooner rather than later, especially given the amount of debt many younger adults have accumulated. Fannie Mae also notes:
“Among the challenges they face is an unprecedented amount of debt, along with a lack of understanding of the mortgage process and their own purchasing power. Debt, in particular, creates many obstacles such as a limited ability to save and the fear of taking on more debt.”
Today, there are more than 2,340 down payment assistance programs available nationwide to help relieve this pressure. Understanding what’s out there and the options available may help many buyers become homeowners faster than they thought possible. In a year like this, with record-low mortgage rates making their mark in the history books, being able to take advantage of the opportunity buyers have right now is essential to long-term affordability.
While many people love to do a quick search online to find instant answers to their questions, it isn’t the only way younger generations want to consume information or build their knowledge base. As the survey mentions, having trusted professionals help them learn what it takes to achieve their dreams is definitely on their wish list too.
If you’re aiming for homeownership someday, it may be in closer reach than you think. Let’s connect so you can learn about the process and get the guidance you need to make it happen.
Around this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why selling your house now, or keeping it on the market this season, is the best choice you can make. This year, buyers want to purchase homes for the holidays, and your house might be the perfect match.
1. Buyers are active now. Mortgage rates are historically low, providing motivation for those who are ready to get more for their money over the life of their home loan.
2. Purchasers who look for homes during the holidays are serious ones, and they’re ready to buy.
3. You can restrict the showings in your house to days and times that are most convenient for you, or even select virtual options. You’ll remain in control, especially in today’s sellers’ market.
4. Homes decorated for the holidays appeal to many buyers.
5. Today, there’s minimal competition for you as a seller. There just aren’t enough houses on the market to satisfy buyer demand, meaning sellers are in the driver’s seat. Over the past year, inventory has declined to record lows, making it the opportune time to sell your house (See graph below):
6. The desire to own a home doesn’t stop during the holidays. Buyers who have been searching throughout the fall and have been running into more and more bidding wars are still on the lookout. Your home may be the answer.
7. This season is the sweet spot for sellers, and the number of listings will increase after the holidays. In many parts of the country, more new construction will also be available for sale in 2021, which will lessen the demand for your house next year.
More than ever, this may be the year it makes the most sense to list your house during the holiday season. Let’s connect today to determine if selling now is your best move.
You can still have fun this holiday season while being safe! We have compiled a list of Covid safe holiday events all across DFW. Remember to be safe but to still have lots of cheer!
Wishing you and yours a very special holiday season!
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❄️❄️Temperatures will soon drop! Is your home ready for the cooler weather?
We have you covered with all the ways to get your home in tip-top shape for winter!
📱The Christie Cannon Team
972.215.7747
cannonteamhomes.com
#home #househunting #winter #weather #tips #temperature #cold #realestate #realtor #holidays #homeowner #owner #dfw #dfwrealestate #team #christmas #knowledge
If you’ve been working from home this year, chances are you’ve been at it a little longer than you initially expected. Businesses all over the country have figured out how to operate remotely to keep their employees healthy, safe, and productive. For many, it may be carrying into next year, and possibly beyond.
While the pandemic continues, Americans are re-evaluating their homes, floorplans, locations, needs, and more. Some need more space, while others need less. Whether you’re renting or own your home, if remote work is part of your future, you may be thinking about moving, especially while today’s mortgage rates are so low.
A recent study from Upwork notes:
“Anywhere from 14 to 23 million Americans are planning to move as a result of remote work.”
To put this into perspective, last year, 6 million homes were sold in the U.S. This means roughly 2 – 4X as many people are considering moving now, and there’s a direct connection to their ability to work from home.
The same study also notes while 45.3% of people are planning to stay within a 2-hour drive from their current location, 41.5% of the people who are citing working from home as their primary reason for making a move are willing to look for a home more than 4 hours away from where they live now (See graph below):
In some cases, moving a little further away from your current location might mean you can get more home for your money. If you have the opportunity to work remotely, you may have more options available by expanding your search. Upwork also indicates, of those surveyed:
“People are seeking less expensive housing: Altogether, more than half (52.5%) are planning to move to a house that is significantly more affordable than their current home.”
Whether you can eliminate your daily commute to the office, or you simply need more space to work from home, your plans may be changing. If that’s the case, it’s time to connect with a local real estate professional to assess your evolving needs and determine your path together.
This has been a year of change, and what you need in a home is no exception. Let’s connect today to make sure you have expert guidance on your side to help you find a home that fits your remote work needs.
In the second half of this year, the housing market surged with activity. Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes:
“It will be one of the best winter sales years ever.”
The typical winter slowdown in the housing market is simply not on the radar. Here’s why.
While today’s historically low mortgage rates are expected to remain low, they won’t be this low for much longer. This could be the last chance for homebuyers to secure such low rates, and they’re ready to take action. In a recent article, Bankrate explained:
“If you’re looking to buy a home…expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded.”
As long as we continue to see low interest rates, we’ll see hopeful buyers on the hunt for their dream homes. Yun confirmed:
“The demand for home buying remains super strong…And we're still likely to end the year with more homes sold overall in 2020 than in 2019…With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”
The challenge, however, is the lack of homes available for sale. With that in mind, all eyes are on homeowners to see if they’ll sell this winter or wait until spring. Danielle Hale, Chief Economist for realtor.com, says it’s best for sellers to capitalize on this moment sooner rather than later:
“We currently see buyers sticking around in the housing market much later than we usually do this fall. If that trend continues, we will see more buyers in the market this winter, too. So, this winter is likely to be a good time to sell.”
With buyers ready to stay active this winter, sellers who want to close a deal on the best possible terms shouldn’t wait until spring to put their homes on the market.
Experts agree the winter housing market could potentially be bigger than ever. Whether you’re ready to buy or sell, let’s connect today so you can be in your dream home by the new year.
In today’s real estate market, the buzz is all about how it’s a great time to sell your house. Buyer demand is high, and there simply aren’t enough homes available to buy to meet that growing need. This means now is the time to make a move so you can close the deal on your ideal terms.
Even in today’s strong sellers’ market, there are homeowners who are choosing not to sell due to ongoing concerns around the health crisis, financial uncertainty, and life in general. According to Zillow, here are the top three reasons homeowners who are thinking of selling sometime in the next three years are not putting their houses on the market right now:
If you identify with any of these, you’re not alone. Whether it’s the future of your employment situation or simply being uncomfortable having guests in your home for showings, life feels a lot different than it did at this time last year. The good news is, real estate professionals have spent the majority of 2020 figuring out how to sell homes safely, and it’s paying off for those who are choosing to move this year.
Real estate agents are doing two things very well to make selling your house possible:
While abiding by state and local regulations as a top priority, real estate agents are making sales happen safely and effectively by leveraging key pieces of technology. Agents know exactly what today’s buyers and sellers need and how to put the necessary digital steps in place. For example, agents have capitalized on the technology buyers find most helpful when deciding on a new home:
They’re listening to their audience and leveraging the tools that help buyers get an initial look at a home without having to step inside. This helps reduce the number of people entering your home, so only those who are very seriously interested need to take the next step: in-person showings.
After leveraging technology, if you have serious buyers who still want to see your house in person, agents are following the guidelines set by the National Association of Realtors (NAR) and utilizing safe ways to proceed. Here are a few of them, understanding again that the agent’s top priority is always to follow state and local restrictions first:
Getting comfortable with your agent – a true trusted advisor – taking these steps under the modern-era safety standards might be your best plan. This is especially important if you’re in a position where you need to sell your house sooner rather than later.
As Jeff Tucker, Senior Economist for Zillow notes:
“Homeowners who feel life is uncertain right now may think they can still get a strong price if they delay selling until they have more clarity. The catch is that waiting to sell may raise the cost of a trade-up. This fall's record low mortgage rates, which make a trade-up more affordable on a monthly basis, are not guaranteed to last.”
In this new era in our lives, things are shifting quickly, and virtual strategies for sellers may be your ideal option. Opening your doors up to new approaches could be game-changing when it comes to selling your house while the market is leaning in your favor. Let’s connect so you have a trusted real estate professional to help you safely and effectively navigate all that’s new when it comes to making your next move.
Displaying blog entries 181-190 of 706
