One of the most unpredictable industries during the COVID-19 pandemic has been real estate. Forbes says the current market is “one of the most frenzied and unpredictable real estate markets in a generation.” John Aaron, founder of Aaron Organization, has lived these trends firsthand, and has some opinions about what the market will do in the future.
Millions of Americans relocated in 2020 due to the pandemic. However, they have a diverse array of reasons for doing so, which can be hard for some people to understand. U-Haul rentals are up by an average of 18% in 2020, peaking at 72% in May. One of the biggest reasons people are buying new homes is because they’re moving out of cities. “Since people don’t need to be in large, expensive cities for work due to remote working agreements, they’re moving home or to another place that’s cheaper,” explained John Aaron.
Millennials are getting larger houses in locations that cost less as well. “People moving from cities and into homes in the suburbs have increased demand for homes like this.” Baby boomers are also downsizing their homes, which opens up real estate to these groups. “It’s hard to say where the market will go next. Maybe people will have to move back to the cities when the pandemic is over. It’s hard to predict. But as real estate professionals, we have to stay on our toes.”
John Aaron is the CEO of Aaron Organization, which has purchased and flipped over $100 million worth of residential properties. “I love taking a property that no one would ever want to live in and making it luxurious,” he said. “We can create homes for people who need them in beautiful parts of town.” Aaron’s business has also expanded to larger commercial apartment buildings and real estate. Their hard work is what makes them successful, as well as a vision of what a property will look like when it’s completed.
If you’re looking to move in 2021, don’t let the housing market scare you. You just have to ensure that you have a good real estate professional on your side to find you the property you deserve.