Residential real estate is booming right now, with only supply as a limiting factor on sales. Now that the vaccines are in play, and 2020 is behind us, what's ahead of us? I read one commentator's prognostication that we may repeat what happened after The Great Influenza 100 years ago. And that turned out to be the Roaring Twenties.
We aren't likely to see Prohibition again, or probably flappers, but we may be in for the dizzy partying and mad optimism that characterized that decade. I think all of us expect that we will be headed for distant places, or sports arenas, or at least crowds somewhere. While old traditions never come back exactly in the same way, commercial real estate, and even office space, may enjoy a revival.
All of that points to using the last few months of winter, and isolation, to plan, and execute, your real estate activity for 2021. You may be able to attend open houses by this summer, but will you want to do so then? Won't you want to be on vacation, or at the beach? This is the time of year when people search for real estate on line, which makes sense. Now that we've figured out the logistics of buying and selling with little or no personal contact, it can also become the season for transacting.
The desire for outside space, home offices, personal gyms, and kitchens made for cooking won't disappear. All of us plan to hang on to some habits from the pandemic. Here's our chance to set ourselves up for the best summer/fall ever! You can buy now and renovate, renovate now and sell in the spring, finance a second home that can be a retreat or a refuge, or even build your dream house.
This is a very special time in the economy, where the stock market is high, as is real estate, while people lucky enough to be employed have disposable income from activities they cannot pursue in isolation, and interest rates are historically low. All of these factors add up to the perfect time to upsize, downsize, expand, acquire, and enjoy your living space. As we head into the last few months of being so careful, let's use them productively. A bright future can be seen at the end of the tunnel. Act now, and enjoy for years to come!
