The Real Estate Industry Is Thriving During the Pandemic
Kentuckiana Real Estate Academy • July 8, 2021
In all areas of the country, real estate markets are thriving. According to Realtor Magazine, contract signings are up by 13.1% as opposed to previous years. Inventories are low, so prices are staying high. Home prices will eventually moderate, but they are staying high for now. It has never been a better time to become a Real Estate Agent than it is now. That is what we at Kentuckiana Real Estate Academy are here for - help you get on your way to a new career in the important business of real estate. So, why is the real estate industry thriving right now?
Markets Hitting "Sweet Spot"
The real estate market has been thriving during the pandemic for many reasons, including the fact that many markets have been hitting what Realtor Magazine calls the “sweet spot.” Many home buyers are focusing on smaller, more affordable homes. These places are considered the best places to live because they are affordable, but are also very close to the bigger cities that have many open jobs but are often more expensive to live in.
A Desire for Airbnb Properties
In today’s market, many people have been prioritizing ways of creating an alternative source of income, and Airbnb is one of the best ways to do that. People buy these houses, get them ready for a short-term renter, and put them online for vacation getaway spots or locations for business travelers to stay. It has been a large market in 2021 and is going to continue to grow. The large demand is a positive reinforcement that real estate is the career path to be in.
Waived Fees
During the unsure times of the pandemic, many house-buying fees and contingencies have been waived, which has increased the incentives for people to buy homes. There is a lot of time that goes into contingencies and inspections and other requirements to get a home ready, so being able to waive these requirements has expedited the home-buying process, which is keeping the market moving. However, some home buyers might be at a disadvantage because of this if they don’t have the right type of loans to allow these exceptions.
Gen Z is Eager to Buy
The younger generations are ambitious and are determined to be successful, and many young people believe that becoming a homeowner is a determining factor of success. This has caused Gen Z to buy more homes than other generations at their age. They have certainly made their mark on real estate. The pandemic has only increased the desire to own home amongst this age group, and it will likely increase even more as they are moving out of their college stage of life and into their careers.
Virtual Real Estate Options
The online world of real estate has certainly skyrocketed during the pandemic. This has led to large amounts of houses being sold in a way that wasn’t realistic in the past. This virtual world is still very new but has caught the attention of many people around the country and the world. We have also taken the new virtual world seriously and offer Pre-Licensing online!
Contact Us
We are so excited to help you create the career of your dreams. Real estate is one of the best professions to be a part of because of its flexibility, reliability, and ability to make money. If you are near Lexington, Georgetown, Versailles, Paris, Nicholasville, Richmond, Harrodsburg, Frankfort, or Winchester, Kentucky, Contact Us
today to see how we might be able to help you on your real estate journey!
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