Greater Seminole County Real Estate Report 3-30-21: 2021 has a new landscape for Florida real estate. Let’s take a look at the health of the market for February and the hottest trends!
Everyone is anxious to see how 2021 plays out for Florida’s real estate industry. How will the pandemic affect the market long-term? Will COVID-19 vaccines be the catalyst that helps the country return to normal? What’s different about buying and selling in this new year?
Only time will tell the long-term effects on Florida’s real estate market. However, we can share how the industry stands as of February 2021. In this week’s newsletter, we are also excited to share with you the top ten home trends for 2021. What do buyers value most in the homes they purchase?
February 2021 Real Estate Market Update
The following are the sales and average prices for February 2021 compared to February 2020.
- Single-family existing homes: Sales increased 16.6%, with an average price of $314,900
- Condo-townhomes: Sales increased 16.6%, with an average price of $233,240
Inventory remains at an all-time low, which, in turn, drives the price of homes up. The high demand, paired with a shortage in supply, makes this a strong seller’s market.
The good news for buyers is that interest rates are still historically low at 2.81%. However, according to Florida Realtors, we may see an increase in rates in the coming months.
The takeaway: If you’re looking to sell your home, this is the time to do so. With limited supply, now is your best chance to ensure you get top-dollar for your home. On the other hand, if you’re in the market to buy, now is the time to take advantage of rock-bottom interest rates on 30-year fixed mortgage loans.
Top 10 2021 Home Trends
People spent more time than ever in their homes during the pandemic. This changed how they viewed their home and which features are most important. Below are the home trends that made the top 10 for 2021, according to Florida Realtors.
- Separate home office – Working at the kitchen table isn’t cutting it anymore. Buyers want a dedicated office space where they can work quietly.
- Resort-like amenities – Should another stay-at-home order be put into place, homeowners want to enjoy amenities from the comfort of their home. Pools, jetted tubs, and access to water were at the top of the list.
- Multi-family capabilities – With children moving in with parents and vice versa, a home that accommodates multi-generational living is necessary.
- Gourmet kitchen – Many people either rekindled their love for cooking or found a new passion. A spacious, state-of-the-art kitchen easily finds itself in the top ten.
- Functional outdoor living space – The pandemic left many people cooped up in their homes without a usable outdoor space. Now, this is a feature that buyers are paying attention to when looking for their next home.
- Technology – Cleanliness is a priority. Buyers want homes that are equipped with touchless technology and self-cleaning features (e.g., toilets).
- Smaller cities – With remote work becoming commonplace, people are willing to live outside big cities.
- Home gyms – Exercise is important. For those who do not have the time or are wary of public gyms, an in-home workout room is essential.
- Pet accommodations – Adoptions skyrocketed during the pandemic. Buyers want to make sure that their new home has accommodations for Fido and Fluffy.
- New construction – With people spending more time than ever at home, the demand for new construction is rising. Buyers can customize certain features, making it their own.
Do any of these surprise you? Or did they fall in line with your list of priorities?
Ready to Buy or Sell?
With over 30 years of experience in the real estate industry, Gitta Sells is here to help with your home buying and selling needs. Partner with Lake Mary’s most trusted Realtor and let us guide you through the process. Feel free to reach out with any questions you may have at email@example.com or 407-330-2181.