The world came to a standstill in 2020. Amidst the numerous industries taking a severe hit, real estate was a prominent one. Like the global market, Commercial Real Estate in Corpus Christi was deeply impacted. With a gradual return to normalcy, the real estate market is now eyeing redemption.
Though 2021 does not mean the end of the pandemic, it surely means vibrant opportunities for real estate companies in Corpus Christi.
How does this make sense?
There was a steep upward curve in home sales in December and November 2020. This indicates the presence of demand and cash flow in the market. If the market upsurge in late 2020 was anything to go by, the real estate market is bound to grow by a good margin.
So, what are the real estate predictions for 2021?
The pandemic and its associated work from home policies shall impact the housing market. With the option of working remotely being preferred, the scope for relocation is high. Students, working professionals, alike, are moving to suburban communities. With travel reduced on the priority list, people are looking for better comfort.
The growing demand for houses right now shall also contribute to the increase in prices.
With this, the majority of millennials and those below 30 years prefer relocating. This can be of great benefit for both parties of a rental agreement.
Renting is comparatively inexpensive. At this point where the economy is crumbling and paychecks are no more certainty, buying a house makes little to no sense. The sheer volume of overhead costs and maintenance burdens the buyer.
For the property owners too, it is a win. In the current housing market, the inventory is very low. With increasing demand and nowhere an equal supply, the prices tend to rise exponentially.
2020 has left the mortgage rates at a record low. With insufficient supply, the rates are not expected to change. This also provides a financial cushion for those trying to purchase a property in 2021. The low rates, for first-time buyers, equates to greater purchasing power.
An overlooked measure is to consider investing in commercial property. Though the required monetary capital is high, the low mortgage rates lure the customers.
Commercial real estate in Corpus Christi is nowhere near being simple. Hence, we have articulated a guide on how to find the best commercial real estate properties. You can access it here. Timing the real estate market is a major drawback.
Henceforth, investing in quality commercial real estate, while eyeing for consistent cash flow is your best bet.
Do not let the low-interest rates and low inventory throw you off. Despite these numbers, the real estate sector will grow steadily.
Real estate is embracing technology and virtual platforms. Moving on, virtual walkthroughs for houses and other properties will be common. This is one of the real predictions in 2021 to keep an eye on. With social media, it is time for us to leverage the immense potential.
Tasks like document verification, the valuation will be done using virtual platforms. This saves a lot of time and effort in the paperwork for a real estate transaction.
Also, the internet has provided a plethora of marketing opportunities. Understanding and identifying your target audience and their preferred social media platforms are important. From blogs to paid ads, the opportunities are indefinite.
Currently, a buyer’s market is on the run. There is a significant shortage of inventory. With the purchase of properties outpacing the properties open for sale, marketing grows in importance.
Here, online marketplaces come into play. If you are a seller, invest your time and efforts in detailing your property on a credible online marketplace. This eases the process for a potential buyer to view and evaluate your property.
If you are a buyer, keep an eye on these marketplaces. Since they are new, attractive offers are often in the pipeline. These online listing places offer ease of comparison. By comparing a certain house price with the surrounding, you can determine the probable valuation of the house.
The country is returning to its economical strengths. Firms and industries are working at full capacities. Despite certain restrictions on the commute, the economy is back in the driver’s seat. Though the revival might take time, the growth is real.
All these mean that the per capita income increases. With the newly formed Joe Biden government proposing 15000 US Dollars credit for first-time house buyers, real estate is set for disruption.
Lower mortgage costs act as a reward for those willing to purchase property in 2021. Add to that a substantial amount of savings, thanks to 2020 and the lockdown, the financing is relatively easy.
However, with low inventory and low-interest rates, the housing costs will peak in the coming months.
Single-family houses are the ones that most of the millennials are eyeing for. This makes sense, given the low overhead costs, while owning a single-family house in the suburbans is a great investment.
The commercial real estate sector too seems an attractive investment. With low inventory in place, acting fast and investing in the right properties is your way forward.
Considering the above predictions, 2021 seems the right time to delve into real estate. However, be prepared for a lot of hands-on groundwork. From research to valuation, to paperwork, real estate is tedious. Each of these tasks can be outsourced to professionals. But, given the volume of work required, outsourcing is taxing too.
At this juncture, you would rather depend on an experienced real estate company. And if you are looking to hire one, why not hire the best?
CLA Realtors — from leasing to consulting, we provide services to suit all your needs. We have more than 75 years of experience in commercial real estate in Corpus Christi.
And know what, we are one call away, click here to get in touch.