Real Estate Trends of 2021
The events of 2020 significantly impacted all industries and markets, including luxury real estate. While other fields saw drops in demand, interest in luxury properties has only continued to grow in 2021 and will likely do so for some time to come. Is it the right time to buy a new luxury home or list your property? Here, Terrie Cox, RE/MAX Equity Group takes a closer look at 2021 real estate trends to help you make the most of your sale or find the Washington or Oregon home of your dreams.
High Demand, Limited Listings
The COVID-19 pandemic raised financial concerns for many, making those who were interested in selling a home more hesitant to do so during uncertain times. The luxury real estate market still shows signs of this hesitancy with fewer properties listed than usual. At the same time, the demand for luxury properties is higher than ever, and buyers are interested in purchasing larger homes with more robust amenities.
This situation is highly favorable to homeowners seeking to sell. The current market allows sellers to ask for higher prices, avoid concessions, and often leads to bidding wars that maximize profit. In contrast, the market is somewhat less favorable to luxury homebuyers. You may find fewer listings, especially in highly desirable areas, and higher costs. Working with an experienced Broker can help identify the most promising luxury homes for sale and encourage successful offers.
A Transition to Quieter Communities
City living has always been popular thanks to its proximity to culture and workplaces. In 2021, this popularity has given way to a preference for quieter communities that are more distant from urban centers. That’s not to say that homebuyers are invested in transitioning to rural life. Instead, they seek full-time dwellings in suburbs, communities often chosen for second homes, and those that combine a slower pace of life with vibrant amenities. In short, homebuyers want it all: convenience, fun, and the relaxed feeling of smaller community living.
Terrie Cox, RE/MAX Equity Group, a World-Ranked Broker, is an expert in the Portland, OR, and Vancouver, WA, real estate markets and offers clients extensive experience in the smaller communities surrounding these areas. If you’re seeking a home outside the rush of city life, she will help you find the ideal community to meet your needs. Listing a home in an up-and-coming community? Her market knowledge will help make your sale a success.
Larger Homes with Greater Privacy and More to Enjoy
In 2021, the micro home may finally be a thing of the past. Homeowners are asking to view larger properties with more square footage and expansive outdoor living spaces. This demand for larger luxury homes likely reflects the increased time we’ve all spent at home in the last year or so, but will persist throughout 2021 and beyond. Buyers will give preference to homes with not just spacious rooms, but also:
- In-home theaters
- Access to lakes, streams, or riverfront acreage
- Game rooms
- Wine cellars
- Built-in home entertainment technology, such as whole-home speakers
- Smart technology
- Outdoor living and entertaining spaces
- Areas that blend indoor space with outdoor access
- And more…
Space for home offices will also continue to be highly prized. With more part- and full-time remote work on the horizon, luxury homes with dedicated, high-tech office spaces are sure to please.
Learn More about 2021 Real Estate Trends in Oregon and Washington
If you’re searching for the perfect luxury home or ready to list your OR or WA property, turn to Top Broker Terrie Cox, RE/MAX Equity Group. From her extensive staging experience to marketing expertise, Terrie has helped countless buyers and sellers achieve their luxury real estate goals. To learn more, contact Terrie Cox, RE/MAX Equity Group today.