What a wild ride this year was.
We’ve all had to make jarring adjustments to how we live (curled up on the couch), how we connect with one another (muted on Zoom), how we spend our money (currently navigating a love/hate relationship with Amazon and Doordash), and how we plan our lives (around my clients' schedules obviously). While this year brought many changes, they somehow managed to ground me in a way that nothing else but a pandemic-induced quarantine could.
Strangely enough, it was the nothing to do-ness of 2020 that made me work harder than I ever have before. During a time where social interaction is possibly against the law (not sure if that's actually true but you know what I mean), I've managed to make a decent career out of meeting strangers at other strangers' houses (something my parents would've strongly advised against) and even doubled my business in what should've been the most unlikely year to do so.
Very much looking forward to a new year meeting new strangers in strange houses. :)
Demand for housing has continued to rapidly grow throughout 2020, and it is only expected to surge even further as economies reopen in 2021. Zillow predicts that annual home sales will reach their highest since the 1980s, forecasting nearly 22% growth.
They also believe that city living will make a comeback next year, especially as the vaccine becomes more widely available to the general public. While a lot of young adults moved back in with their parents this year to save money, it is likely that once the economy bounces back, they will be moving back into big urban areas in droves. (Does that mean the sad SF condo market will finally make a comeback??)
Zillow also expects that buyers will continue having a hard time affording homes, particularly if mortgage rates start to increase in 2021 and housing prices remain high. At the same time, if rates are indeed predicted to rise later in the year, this may cause an even bigger buyer frenzy for those looking to lock in low rates ASAP. Sadly there seems to be no end in sight for bidding wars. :(
In an effort to build a cleaner and healthier city, Oakland City Council just banned natural gas in all new buildings. Berkeley, San Jose, and San Francisco have also followed suit and said "We're not passing gas either!"
But seriously, eliminating natural gas use in buildings will lower the risk of fire after an earthquake (important when you live in earthquake territory!) and improve overall indoor air quality. Studies have shown that children are 42% MORE likely to have asthma in a home that uses natural gas while cooking. I know, right? Who knew??
All things real estate.