Because of virtual capabilities, many people could take a virtual tour of the property, and make buying decisions without even setting foot in the property beforehand. These virtual capabilities include:– 3D Tours– Drone videos– Virtual staging
The COVID-19 pandemic has driven suburban migration from large cities. For the next 3-5 years, the trend of people opting not to live in big cities may continue. The shift is driven by two factors: need and choice.
In 2020, record-low mortgage rates encouraged people to buy homes. Mortgage rates reached a 50-year low in 2020, according to some estimates. Since reaching 4.94% in 2018, mortgage rates have been steadily declining.