Real Estate Industry Buoys Local Economies

The pandemic drastically changed how we lived our lives over the last year and a half. We changed how we worked, how we socialized and how we educated our children. But perhaps more than anything, it forced many of us to rethink where and how we want to live.

City dwellers fled for the suburbs. The market for second homes skyrocketed. Unshackled by jobs that formerly required you at the desk—and made possible by significant improvements in remote work technology—people could now move wherever they desired.

It was a record year for many in real estate.

For those of us who stuck it out in the same place (or for whom moving was not an option), we renovated. We converted spare bedrooms into Zoom-friendly offices, added pools to our backyards and upgraded technology. During a recent webinar hosted by Keller Williams*, ‘How COVID Has Changed the Real Estate Industry,” it was stated that 76% of homeowners made at least one home improvement during the pandemic. The reasons why varied:

– 25% “finally have time for it”
– 11% are “adapting to working from home”
– 21% are “adapting to a new lifestyle under COVID”

And it’s still happening. Anyone starting a project will tell you how hard it is to find an available pro or the materials needed for the project…Read more

Read more great articles below:

• New Listings, Price Drops Indicate More Competition in Still ‘Strong’ Seller’s Market
• New Listings Jump 5.1%; Price Adjustments Moderate
• 25 Markets With the Biggest Price Jumps
• Cities Where Housing Prices Have Increased the Most