CONTRIBUTED ARTICLE
YEAR IN REVIEW
The Highs and Lows of 2021 By Lucas Sambrook, Esq., Roc Capital
A
s the world approaches
highs,
nearly two years of a global
new-fangled opportunities.
pandemic
that
unprecedented
levels
and
uprooted
modern society, reshaped the way
2020 Market Drivers
things were thought about, and
Before delving into 2021 and the
created ripples in the market that impacted just about everything we thought we knew, we are forced to continue to come to terms with this new “normal” and how to “make it work”. While nearly all facets of life and business were impacted, the real estate market, in particular, has experienced uncharacteristic shock
trends that accompanied the real estate market, the stage that was set by the preceding year, 2020, must be noted. 2020 will be remembered as a year of extremes, with an acceleration of certain trends that benefited some sectors, while punishing others at the hands of a global pandemic that was incredulous to say the least. The
The
United
States
GDP
quickly
rebounded, the market rallied back dramatically, and people began to rethink their relocation endeavors. Within this tumultuous time period, 2020 ended up being a record-setting year for home sales in the United States, setting the stage for a 2021 to expectedly follow suit. The United States housing market increased by trillions of dollars and progressively strong demand led to immense competition amongst buyers, with
market immediately plummeted, the
homes flying off the market at
United States Gross Domestic Product
record prices. Notably, this was all
(“GDP”) declined by an atrocious
in a market where housing demand
percentage and people flocked to
was already strong, with Millennials
and its foreseeable future appeared
the suburbs to avail themselves of
aging into prime first-time home
grim, what suddenly followed was a
space, distance and safety. This was
buying years, coupled with competitive
drastic rebound filled with historical
short-lived.
interest rates on mortgages.
waves as a result of it, with trends that very few could have predicted. Though the initial forecast of 2020
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