If you’ve been paying attention to the headlines lately, you’ve probably heard echoes of “it’s a bad time to buy a house” and “it’s the perfect time to buy a house.” But which is it? Here, we’ll go over a few of the main reasons why entering the real estate market right now is a good idea. In today’s world, we need to act fast if we want to reap the rewards that come with being in the right place at the right time. And while it may not feel like the right time during a recession, it’s imperative that we power through these hurdles.
As the Fed continues to raise interest rates over time, we believe it will be a slow climb, but it’s still important to act fast. On top of that, the Biden administration appears to be very accommodating toward the housing market, with infrastructure and tax bills that include support for affordable housing construction. In other words, if you like investing for safe profits, there’s no time like the present.
The pandemic has had a strong effect on the housing market. After living in lockdown, many people who lived in the city are motivated to move to the suburbs. People cooped up in apartments with roommates and shared living spaces don’t want to be stuck like that during another lockdown. The idea of owning your own space away from all the drama and congestion has become very attractive.
The so-called “flight to the south” technically began before the COVID-19 crisis reared its ugly head. People have been gradually fleeing the big cities up north with their bloated cost of living in favor of more affordable communities down south. This trend has only grown, as people see less value in paying an arm and a leg for limited space in a more crowded area. For example, Texas and Florida both saw a massive increase in their population during 2021 due to domestic migration.
The largest generation in history, millennials seem to be supporting the move to homeownership as of late. In fact, millennials drove the household formation rate from a low of 600,000 in 2010 to 1.5 million today. This generation of professionals is often working high-paying tech jobs, starting their own businesses in record numbers. They have the money, and they’re ready to spend it.
All or nothing
Let’s not forget the growing inclusion of remote work in the professional world. With more people staying home and setting up their own office, the need for more space and housing stability is growing, too. To summarize all of this, if you’re at all interested in the real estate world, now is the time to act. Remember, fortune favors the bold. And fortune also favors those who aren’t afraid to ask for help when they take on a new endeavor.
Daniel Ramsey is the founder and CEO of MyOutDesk, rated No. 1 virtual assistant service by TechRadar. With over 6,000 clients and 700-plus verified five-star reviews, he helps businesses gain indispensable leverage with virtual real estate professionals. To learn more, visit www.myoutdesk.com/services.