Preparing for 2021

Even through a national pandemic, the real estate industry continues to remain steady.  With low mortgage rates, many homeowners were able to refinance in 2020.  Some real estate investors who owned rental property, were able to receive support through local and federal programs that lessened the burden of tenants that couldn’t afford to pay.

The COVID-19 impact going forward remains a mystery.  Will restrictions in some locations be in place until the spring?  When will vaccine options be widely available?  While we have no idea what is in store for 2021, it is always important to set goals for yourself, personally and professionally.

According to many real estate professionals, the 2021 outlook for the housing market is upbeat.  Real estate professionals believe the demand for housing in conjunction with low mortgage rates, will keep the real estate industry strong.  Those that put off the family move in 2020 may move forward with their plans next year.  Also, the number of foreclosures on the market will increase in the next few months once moratoriums are lifted, which should provide investors opportunities to find suitable projects.

What are your goals for 2021?  Have you thought about how your real estate investing strategy might change in 2021 and are you prepared for expected inventory to come available?