Last year was a tough one for urban real estate markets all across the country. Yet, as we dive into 2021, there’s plenty of reason to expect things to take a more positive turn. If you’re considering purchasing a new home in the city, here are a few reasons why now could be the right time.
Urban Flight is Over
Mass migration to the suburbs was one of the biggest storylines in real estate last year. At this point, however, that trend appears to be coming to a finish, as those who wanted to leave the city have done so by now. While some will choose to remain in the suburbs, others view it as a temporary move, with plans to return to the city in the near future.
Markets Are Forward-Looking
This phrase is often used to describe the stock market, but it rings true for a savvy real estate investor as well. With a semblance of normalcy on the horizon, buyer sentiment may quickly change, and those with the means and desire to find the best deals will start looking early to stay ahead of the curve.
Good Buys Are Out There
With a decrease in demand last year, many cities have seen high-end properties sit on the market even when priced competitively. Luxury condos and apartments, in particular, were the most affected by market conditions in 2020 and, as a result, could present the best opportunities for buyers going forward.
Rise in Co-Primary Residences
For those who have moved their family outside the city and don’t foresee relocating the whole gang once again in the near future, a new trend will be the rise in co-primary residences. Rather than a second home that’s used for the occasional vacation, co-primary residences allow a family to split time between two locations. Going forward, the prevalence of remote work makes this a practical arrangement for many high-end homeowners who want to maintain ties to the city.