What do you need to know for 2021? Some Real Estate Trends for this year

 

After a year complicated by the pandemic, 2021 presents us with many challenges. But how will the housing market perform in the current economic system? Here are some of the trends we believe will be present this year:

Trend No. 1: Few possibilities for homebuyers

There were not enough homes for sale during last year to meet buyer demand. The shortage of inventory means you need to be vigilant when looking for a home, as the best homes are likely to sell quickly.  In November 2020, more than 7 out of 10 homes sold had been on the market for less than a month –they sold very quickly.

If you want to find a good home in this scarce market, we recommend to:

1. Give up a few things you thought were a must-have for your dream home.

2. Broaden your search. Your dream home won't necessarily be in the location you think.

3. Get pre-approved.

Trend No. 2: Home prices continue to rise

In November 2020, existing home prices increased 15% compared to last year, reaching a national average of more than $300,000. If you are going to buy a home in Doral, in such an expensive market, you should consider how much you are willing to spend. Make a budget of what you can afford to spend and what you cannot.

We recommend:

- That your house payment does not imply more than 25% of your monthly salary.

-  To save at least 10-20% down payment.

- To choose a 15-year fixed-rate conventional mortgage.

Trend #3: Online real estate services are on the rise

Have you heard of real estate services like Zillow? These allow you to search or list homes for sale online.

What you do is tell companies like Zillow or Opendoor about the house you want to sell. They buy it from you, inject some money into it to resell it at a higher price, take care of all the paperwork for the house, and then charge you pretty much the same as an agent's commission for selling expenses.

Trend #4: Risky buying options are more affordable

Rent-to-own

First, if you're itching to buy a home but can't afford it yet, some sellers like Divvy offer a rent-to-own agreement.

The downside to rent-to-own is that if you later decide you don't want to buy the house or something breaks the contract, all those payments you made will have been a waste.

Whether you’re selling or buying, you can take advantage of the current trends by partnering with a professional real estate agent.

Doral stands out as the fastest growing city in Florida.

 

Coveted in both the residential and commercial sectors, this municipality has been among the most active during this decade.

 

A study by the U.S. Census Bureau, verified by the Metropolitan Center of Florida International University, determined that Doral stands out as the fastest growing city in Florida and number eleven in the entire country. The analysis was based on the speed with which businesses and residential areas have been created.

 

The arrival of people from other countries has visibly impacted Doral, between 2010 and 2016, with a 26.1% increase in its population, which represents about 12,000 people.

 

It is estimated that the factors of the growth are linked to an increase in job opportunities, the low levels of crime, geographic location, quality of schools, and more affordable housing offers.

 

In reports from the City of Doral, this location was added in 2003 to the list of 34 municipalities in Miami-Dade County. At that time, it had 22,709 inhabitants. Currently, the number has increased by more than half, to some 58,000 residents.

 

In the U.S. Census Bureau's report, Miami ranked eighth in terms of growth rate, with a 13.1% increase in its population, as reported by Miami Today.

 

The study also mentions details of the population increase in Miami-Dade County. During the period analyzed, the county's population increased by 8.2%, which is due, first of all, to the arrival of people from other places and, secondly, to the balance of born over dead.

 

West Miami was the second fastest-growing county in Miami-Dade, with 24.6% in this decade. Last year alone, 7,459 new residents were registered in that municipality.

Also, significant population increases have been detected in North Bay Village, Coconut Grove, Brickell, downtown Miami, Homestead, and Cutler Bay.