Expert Analyzes 2021 Real Estate Outlook

NORTH TEXAS (CBSDFW.COM) – The pandemic has changed how we live our lives and how we work. As a result, the social distancing, stay at home orders and shift to working from home has significantly impacted the real estate industry.

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David Hicks, the CEO of HomeVestors, says the demand for single family homes has increased since the pandemic began.

“There’s a lot of people working from home who don’t want to have to work from an apartment or, even more so, they have kids who can’t go to a playground and that new backyard sure looks nice,” Hicks says.

HomeVestors’ 1,150 independently owned and operated We Buy Ugly Houses franchises purchased nearly 10,000 houses in 2020, generating sales of more than $1.6 billion.

While demand for homes has increased, Hicks says there has been a decreased supply of homes available on the market, as people who would normally be listing their homes for sale and moving are not, because they are waiting until the pandemic is over.

Life amid COVID-19 has also changed how real estate deals are done. Agents are now using technology to offer virtual showings and title companies, in some states, are offering virtual closings.

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