Looking back at the past year, it’s wild to see how things unfolded. At the start of 2020, there was nearly no way to predict exactly how this year would pan out, with the coronavirus pandemic ravaging the global economy and every corner of our way of life.
Now, looking ahead to the future, it’s also difficult to predict exactly what’s going to happen. But with experts predicting the end of the pandemic by the end of 2021, there are definitely more changes to come.
One sector that was the most impacted by 2020 was real estate. So, what does the future of real estate look like?
Experienced executive & entrepreneur Ryan Hoggan is weighing in. With a hand in the world of real estate development, and unique insight into business and entrepreneurship, Hoggan is sharing his expertise into the future of real estate in 2021.
Ryan, tell us about your work.
I’ve been an entrepreneur for just about two decades and have owned businesses for years. I’ve been involved mostly with e-commerce, digital marketing, and affiliate marketing, and startups are really my specialty.
In many of these areas I’ve also been an executive, and I’m involved in venture capital. I think that my varied experiences, along with my entrepreneurial background, gives me a really unique perspective into certain areas.
What are some of those unique perspective?
I have a lot of experience adapting to market changes in general, and I love tracking interesting market moves. Over the years I’ve been on the scene, market sectors have definitely influenced my work and the decisions I make, so it’s important for me to be tracking these changes in real time in order to make smart decisions for myself, and for my businesses.
That’s one of the reasons why I’m interested in the future of real estate over the next year.
What do you think about the state of real estate right now?
I think we’re seeing a really unusual state of the market. The restrictions people felt when COVID-19 first started have kind of fallen away.
For example, people at first were not attending in-person events like showings or signings, if they could avoid it, and many people who were looking to sell actually took their homes off the market, so there’s been a decrease in inventory. But now, as people are feeling a bit of pandemic fatigue, some normal selling habits are returning.
But along with this, there are still really low residual mortgage rates, which is great for people who are looking to buy,
What do you think will happen with real estate over the next few months?
Because there is still a shortage of inventory, that means it could be a great time to actually sell your home, if that’s what you’re looking to do. But it’s important to pay attention to subtle changes, such as the stock market behavior.
Here’s the breakdown of the state of stocks.https://t.co/x0DejTce9g
— Ryan Dean Hoggan (@RyanHoggan) December 16, 2020
Mortgage rates are currently at a record-low, but it’s possible that in the next few months that could change drastically, as the economy shifts. But hopefully, increasing inventory will minimize intense property bidding wars, which are currently more and more common.
And what’s next for you personally?
I have a few different projects in the works at the moment. I recently became involved in a real estate development project, involving raw land, and I want to increase my involvement in real estate going forward.
I love working on projects that involve growth and excitement, so I’m definitely drawn to real estate and plan on expanding my work in the space.