The overall housing demand in the United States will increase in 2021, with sales slated to rise by 13 percent. As the economy recovers, the general public will once again start gaining confidence, and housing demand will increase, as will the housing supply. As more people enter the housing market, redeveloping existing homes will be a lucrative option for investors. Consequently, the residential real estate sector will continue to see promising growth.
In addition, the growing population in India is expected to increase demand for new homes, and builders will offer discounted prices to attract new buyers. In addition, the upcoming festive season will likely boost homebuying activity. In addition to a robust housing market, 2021 will also be a good time to invest in real estate. There will be plenty of opportunities for investors and sellers in the years to come, and the demand for new construction will continue to grow.
According to Ryan Gorman, the CEO of Coldwell Banker Real Estate, demand for homes will continue to remain strong. While the market is struggling to respond to the pandemic, the primary drivers of demand remain the American dream of homeownership. With the low deposit rates hovering around 6-7 percent, the NRI community will likely be able to purchase a home in the US as well. This will further increase the demand for residential real estate and make it more affordable for more people to buy a home in the country.
The recent resurgence of the pandemic is not translating into a major price move in the residential market. Developers are withholding prices for a variety of reasons, including the lack of credit for home purchases. While these challenges could impede growth, they will help the sector in the long run. In addition, the low-interest rates and reduced stamp duty will contribute to the rising demand in the residential market.
A growing percentage of the workforce will be home-based by 2022. The ATTOM CEO says that the market will continue to experience steady growth throughout the next few years. While there will be fluctuations in the market, prices will remain relatively stable. The housing demand will be driven by higher wages and employment, with the demand for homes largely determined by the price. The housing supply will also be limited by labor and supplier issues. However, the low supply of homes will create more competition in affordable housing markets.
The residential real estate market is expected to experience consistent growth through 2022, but it will be more competitive than in the past 12 to 18 months. In addition, the number of foreclosures is expected to rise to a 16-year high, which will lead to a gradual price increase. Despite this, the supply of housing will continue to be a major challenge for the next several years. In addition, labor and material shortages are likely to prevent a large amount of new construction from being completed.