If you’re a prospective buyer or seller looking for homes in Loveland, Ohio, it’s important to understand how the current real estate market conditions affect you. The Counselors of Real Estate (CRE) just released its Top Ten Issues Affecting Real Estate report. Here are three hot topics from the list and how they impact homes for sale in Loveland, Ohio.
Technology Acceleration and Innovation
The past year ushered in many changes to the real estate industry, especially when it comes to technology. The CRE report elaborates on this:
“Lockdown-driven changes in our work, in the economy, in social structures, and in our personal behavior have pushed our reluctance aside. The acceleration and adoption of technology during the pandemic has impacted everything, and real estate is no exception.”
For real estate, innovations like digital documentation, virtual tours, and video chat enable agents to connect with clients no matter their location. These options are ideal for prospective buyers and sellers who aren’t local to the area or those that need the added flexibility signing documents online or doing virtual tours provide. That’s why many trusted real estate advisors will continue to use these technologies moving forward to best serve their clients.
Remote Work and Mobility In Loveland
Working from home became the reality for many individuals during the pandemic. The latest list from the CRE identified remote work and mobility as an important influence on the real estate market. As the report notes:
“…the pandemic universally caused a movement away from urban cores, particularly for those with higher incomes who could afford to move and for lower-income individuals seeking lower costs of living. Most of these relocations remained within their original region—84%—and, while some are returning, it is unknown as to the permanence of these movements or whether they represent a true urban exodus.”
Remote work offers, added mobility. Where people are moving and where they can ultimately purchase a home is less dependent on a physical office location. This newfound flexibility is giving remote workers the opportunity to move to more affordable areas. As a result they can buy more home for their money.
Loveland Housing Supply and Affordability
Finally, the limited supply of Loveland homes for sale and the related affordability challenges also makes CRE’s list of key factors this year:
“According to the National Association of Realtors®, the state of America’s housing inventory is dire, with a chronic shortage of affordable and available homes needed to support the nation’s population.”
There is good news. First of all Loveland homes for sale are still more affordable than they have been. Secondly, mortgage rates are still low offering housing affordability. Thirdly, while the housing supply is still low, we’re seeing steady increases in the number of homes coming to market. Finally this gives hope and encouragement to homebuyers. As the supply of homes for sale improves, buyers will have more options.
New technology, remote work, housing supply, and home affordability are key factors in the housing market right now for both buyers and sellers. If you want to better understand how these topics can impact you, let’s connect today.
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. We do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. Finally you should always conduct your own due diligence and obtain professional advice before making any investment decision. We will not be liable for any loss or damage caused by your reliance on the information contained herein