2021 is a great year for real estate. With the world recovering from the aftermath of Covid-19, constructions have begun. There are now new houses in inventories. Not to mention the fact that the method of viewing houses has evolved.
Along with these changes and improvements is a shift in the market especially when it comes to what kind of houses people are more likely to buy in the coming years. Whether you want to buy a house to live in or to invest in real estate you need to consider how the house will do in the future on the market if you decide to sell it off.
For this reason, we had an interview with Jacques Poujade, mortgage expert, entrepreneur extraordinaire and manager at LendPlus on the necessary things to know if you’re buying a home in summer 2021. This was how the interview went.
Jacques Poujade: Taking into account that there is the covid-19, the housing market in the United States has been quite spectacular this year. We have seen a slow but steady increase in the housing inventories and prices.
This is very good news for people who want to buy a house. The average home construction rate has gone up to 3% this year and it is predicted that this trend will continue.
Jacques: First and foremost, it’s important to simply look at what happens in your surrounding areas. If you’re buying a house that is far enough away from major airports, then you have a higher chance of selling it at a good price.
What’s the best way for people who are interested in real estate to find out if they’re ready to buy a house?
Jacques: How do you determine whether you’re ready or not? Well, it’s more of a personal judgement but looking at your current financial situation and how confident you are in making payments is something that should be considered.
If you have no money saved up and don’t feel like starting a savings plan, then don’t buy a house.
Jacques: I think people should pay attention to the fact that prices will be quite high in certain neighborhoods. For instance, the best areas to buy a house will be where there is a lot of green space and parks. Because of remote working, many companies are encouraging their work to move away from places that used to be hot areas to other places.
Jacques: There are two ways to do this. First, see if the selling property is owned by a bank. If it is then there’s a good chance that you’ll be able to get the property for a lower price than expected.
Second, look at the houses listed on major real estate websites and talk to people who are involved in real estate about what kind of places should be sold depending on what you’re looking for.