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Biggest Lessons Learned from the 2020 Real Estate Market

There were many lessons learned in 2020. For example, there is no such thing as too much toilet paper.

While there were a lot of moments that we’d rather forget, there were also many that will have a lasting impact on how we approach real estate and our businesses for years to come.

Let’s take a look at the biggest takeaways for 2020 real estate so you can go into this New Year prepared for success.

We Have to Stay Up on the Market-Always

When everything changed in the spring, there were a lot of questions on everyone’s minds. We didn’t know what was going to happen with real estate. And worst of all, a lot of the news that came out had frightening headlines that made many expect the worst about the housing market.

That, obviously, didn’t happen.

So if we learned anything from 2020, it’s that we should always have our finger on the pulse of the industry. Especially because smart agents like me did, and were able to relay that information to worried clients, were the ones who came out ahead.

Case and point, staying on top of the latest market insights is and always will be important. This is something I take very seriously.

Recession Does Not Equal Housing Crisis

Remember when everyone was freaking out that there may be a recession in 2020? Well, it happened (albeit for slightly different reasons than previously anticipated).

You know what else happened? Real estate had one of the best years it’s had in decades.

That’s because….drum roll…a recession does not mean a housing crisis will follow!

In fact, unlike 2008 when the real estate market actually caused the recession, housing has played a huge part in helping the economy slowly but surely get back on its feet.

While we may have a long road ahead of us, experts project that it will continue to do so in the coming months.

A Pandemic Doesn’t Slow the Real Estate Market

When state-wide quarantine orders swept the nation in March and April, everyone expected the worst about the 2020 real estate market. In fact, we did see an immediate impact as sellers decided to wait to sell.

However, those worries were quickly lifted when buyer demand didn’t slow down. Instead, the hot spring market was just postponed for a hotter summer market, leading to a record number of sales.

If we learned anything from this year, it’s that we can’t totally predict what the future holds. However, the 2021 housing market forecast looks promising and experts project that this year could be just as busy.

Home Has Never Been More Important

Nothing can make you appreciate home more than being stuck in it for months on end.

While some of us took the extra time to rearrange furniture, paint rooms and finish many home renovation projects (if you could find a contractor), others realized that they were in need of a whole new upgrade.

Regardless of it all, we can agree on one thing: home has never been more important.

Bottom Line

While most of us would rather forget 2020 happened, we can’t deny the impact it had on real estate.

Suddenly industry standards weren’t so standard, and agents did whatever they could to keep their business going. This upcoming year hopefully won’t be as eventful, but there were still a lot of big learnings to take into this new year and beyond.

By knowing last year’s biggest takeaways, you can make a plan for success and be prepared for whatever real estate throws at us in 2021.

Because if we had to sum up the past 12 months into one big lesson, it’s that above all else, keeping current matters. I am here to help keep you current on what’s happening in real estate. Please comment below or email me at bill.jordan@century21 or call/text me at 425-426-9570 and I’ll be happy to chat!

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