There were many lessons learned in 2020. For example, there is no such thing as too much toilet paper.
While there were a lot of moments that we’d rather forget, there were also many that will have a lasting impact on how we approach real estate and our businesses for years to come.
Let’s take a look at the biggest takeaways for 2020 real estate so you can go into this New Year prepared for success.
5.) A Pandemic Doesn’t Slow the Real Estate Market
However, those worries were quickly lifted when buyer demand didn’t slow down. Instead, the hot spring market was just postponed for a hotter summer market, leading to a record number of sales.
If we learned anything from this year, it’s that we can’t totally predict what the future holds. However, the 2021 housing market forecast looks promising and experts project that this year could be just as busy.
4.) Home Has Never Been More Important
While some of us took the extra time to rearrange furniture, paint rooms and finish many home renovation projects, others realized that they were in need of a whole new upgrade.
Regardless of it all, we can agree on one thing: home has never been more important.
3.) Recession Does Not Equal Housing Crisis
You know what else happened? Real estate had one of the best years it’s had in decades.
That’s because….drum roll…a recession does not mean a housing crisis will follow.
In fact, unlike 2008 when the real estate market actually caused the recession, housing has played a huge part in helping the economy slowly but surely get back on its feet.
While we may have a long road ahead of us, experts project that it will continue to do so in the coming months.
2.) The Suburban Shift is Happening
That leads us to one of the more surprising real estate trends of 2020: the urban to suburban shift.
Whether they were looking for more space, better accessibility or a bit of fresh air, nearly 68% of agents across the country noticed a moderate to significant shift to more suburban or rural locations.
While no one is sure if this trend will stick around, the increase in remote jobs could mean it carries through to next year.
1.) You Have to Stay Up on the Market-Always
That, obviously, didn’t happen.
So if we learned anything from this year, it’s that we should always have our finger on the pulse of the industry. Which is exactly why I started my 'Week to Week' reports tracking exactly what was happening. For that reason...our agents were able to relay that information to their worried clients, and they were the ones who came out ahead.
Case and point, staying on top of the latest market insights is and always will be important.
Bottom Line
Suddenly industry standards weren’t so standard, and agents across the country did whatever they could to keep their business going. This upcoming year hopefully won’t be as eventful, but there were still a lot of big learnings to take into this new year and beyond.
By knowing last year’s biggest takeaways, you can make a plan for success and be prepared for whatever real estate throws at us in 2021.
Because if we had to sum up the past 12 months into one big lesson, it’s that above all else, keeping current matters.