• Sun. Apr 11th, 2021

Local agents predict real estate market trend to continue in 2021

With days at school or the office replaced by virtual lessons and remote work, and nights out a victim of quarantine, home has rarely been as important as during the COVID-19 pandemic.

While many other industries have struggled to survive 2020, local agents say the real estate market is hotter than ever.

Looking ahead to 2021, they predict the trend will continue and encourage anyone considering buying or selling a home to take the plunge.

“We’ve had our struggles, of course, because of changing the way we do business,” said Jeff Parker with Murney Associates. “But as far as sales activity, it’s been a record year.”

Jeff Parker, with Murney Associates, has been in real estate for 27 years.

Parker credits the thriving real estate market to record-low interest rates and a low inventory of homes for sale, which has boosted prices.

“And then the psychological aspect of it,” he said. “With everything going on with COVID, people are really wanting to create their home. It’s important. They feel like it’s a safe place for them.”

“COVID is absolutely not a blessing,” Parker said. “But this is one part of the economy that has stayed solid during this whole pandemic. And I think that’s important — for people to feel safe in their home. I think it’s really changed the way a lot of people look at their home as more of a sanctuary than maybe just a place to live. I do believe that has changed what a buyer is looking for.”

Kirk Hewitt works in his office at AMAX Real Estate on Dec. 20, 2020.

A seller’s market

Kirk Hewitt with AMAX has been working in Springfield-area real estate for 42 years and has a degree in real estate finance. He keeps close tabs on the Springfield market, specifically the 20-mile radius from the demographic epicenter of Republic Road and Campbell Avenue.

According to the data Hewitt collected over the years, the median price in 2010 of a single-family home was $110,000, and 32 percent of homes on the market sold within the first 30 days.