Real Estate News Roundup
As emergence-from-Covid continues to influence homebuyers’ lifestyles, consumers and agents are finding new priorities when purchasing and selling. As housing prices rise, technology takes center stage in the real-estate market along with proximity to green spaces.
Home prices, plummeting at the onset of the pandemic, are back on the rise. According to Realty Times, the price of luxury homes has risen 28.7% over the past year while prices of the country’s most affordable homes have risen 18.7%. While the cost of mid-price and affordable homes have also risen, their value grew just 16% and 13.2% respectively.
While a surge in housing prices can be problematic to first time home buyers, the good news is that the supply of affordable housing in the country is growing leading to more homes to choose from and less competition among buyers.
According to Chicago Magazine the best neighborhoods with access to green and park space in the city are Streeterville, Woodlawn, Near North Side, Bridgeport, Lakeview, Edgewater, and South Shore.
As proximity to office space becomes less of a priority and access to fresh air and nature becomes more and more desirable to home buyers, these neighborhoods are expected to become hot spots for buyers due to their exceptional access to greenspace and recreation areas.
A realtor survey, conducted by the National Association of Realtors shows the importance of tech in the pandemic. According to the survey, 78% of realtors believe esignatures to be the most valuable technology tool followed by local MLS apps and social media with 54% and 53% of realtors believing they are the most valuable technology tool respectively.
In the future, realtors expect drones and digital or virtual showings to be the next most important emerging technology as buyers wish to view properties in cities around the world from their living rooms.