The real estate market in North America has been consistently strong in recent years, and it is expected to continue on this trend in the next 12 months. Here are some key factors that are likely to impact the real estate market in North America in the coming year:
- Low mortgage rates: Mortgage rates are currently at historic lows, which can make it more affordable for potential buyers to enter the market. This is likely to drive demand for homes, especially in areas where prices are more affordable.
- Strong job market: The job market in North America is expected to remain strong in the coming year, which can contribute to higher demand for homes. With more people employed and earning stable incomes, they may be more likely to consider purchasing a home.
- Limited inventory: The supply of homes for sale is currently low in many parts of North America, which can drive up prices. This limited inventory may make it more competitive for buyers, especially in areas with high demand.
- Increased interest in suburban and rural areas: The COVID-19 pandemic has led to a shift in the way many people work, with more people working from home on a permanent or semi-permanent basis. This has increased interest in homes in suburban and rural areas, where there is often more space and a lower cost of living.
- Growing demand for luxury properties: There has been an increase in demand for luxury properties in North America in recent years, and this trend is expected to continue in the coming year. This demand may be driven by a combination of low mortgage rates and increased disposable income for high-earning individuals.
Overall, the real estate market in North America is expected to remain strong in the next 12 months, with low mortgage rates, a strong job market, and limited inventory all contributing to this trend. However, it is important to note that real estate markets can vary significantly by region, so it is always important to do thorough research before making any investment decisions.