Part 3 in the series - where are we headed?
Even now, building permits were up 21% at the tail end of 2020 (from September through November). With this momentum going into 2021, more homes are expected to be built than any other year, all the way back to 2006! Simply put, less competition with office builders has made land, materials, and labor costs more affordable. And naturally, those historic rates already mentioned have made borrowing for projects a lot easier to manage.
More than 14.5 million Americans are expected to relocate in 2021, the highest figure in nearly two decades. One of the key factors is this remote working being heavily adopted and likely becoming part of our post-pandemic "new normal." No longer being tethered to one location means many professionals and families will be looking to put down new roots in more affordable areas.
