The real estate industry has seen some major changes in recent years, and 2021 is no exception. The COVID-19 pandemic has caused a shift in housing preferences, with more people looking for home offices, larger spaces, and outdoor services. Prices of sawn timber have reached an all-time high since the Great Recession, and searches for digital transformation have increased by 223% in the last 5 years. Virtual staging searches have also gone up by 23%, and Zillow searches have skyrocketed by 51% in the last decade.
The pandemic has also led to a migration from major cities to suburbs, and searches for eviction have increased by 41% over the past 15 years. The Sun Belt is seeing an influx of people, resulting in a decrease in single-family home inventory. Mortgage experts are divided on next week's interest rate trends, but most vote in favor of a fall. Real estate technology companies are creating new ways to satisfy customers, and drones are being used for all types of real estate ads.
According to the National Association of Realtors, sales of existing homes dropped by 1.5% in December compared to the previous month. The main reason is that today's housing market isn't driven by lax credit standards or subprime mortgages. If you're buying a home in this expensive market, you need to know how much house you can actually afford. Two of the Sun Belt's major metropolitan areas, Dallas and Tampa, are among the top ten cities in the U.
S. with greater real estate potential. Alex Edds, director of innovation at JLL UK, says that Proptech is more than just digitalization of the real estate sector.