offrs.com Predicts a 38% Surge in Real Estate Listings in Major Markets in 2021, Driven by COVID-19
Real estate predictive analytics firm anticipates major surge off the heels of COVID-19
SARASOTA, Fla., March 23, 2020 /PRNewswire-PRWeb/ -- Offrs.com, the leader in Real Estate Predictive Analytics has released a new report estimating a 38% increase in listing activity in major markets across the United States. In 2019, there were 5.3 million Homes Sold in the U.S. In 2021, the predictive models are showing an overall increase to 5.9 million homes sold, an increase of 15% across the country and 38% in major markets.
Since 2015, offrs.com has leveraged machine learning algorithms to predict future real estate transactions. Due to the recent economic downturn, the predictive models are showing significant shifts in trends. In 2019, offrs accurately predicted a reduction in real estate listings and increase in new home development due to escalating prices and other economic factors.
"Since the introduction of Covid-19, we have seen our predictive models change dramatically, primarily driven by the uncertainty of the financial market, lowered interest rates and the need to liquidate hard assets to free up cash," explains Rich Swier, founder of offrs.com. "In 2005, we saw the number of home sales surpass seven million sold, and we believe we will see a similar spike in 2021 but for much different reasons."
COVID-19 has already impacted the stock market, putting the DOW below 20,000. Financial experts are predicting a sharp increase in unemployment rates and defaults on loans in 2020.
"We have never before seen anything like this," says Robert Reardon, CFO and economist at offrs.com. "The immediate impact from COVID-19 on the real estate industry is real estate transactions freezing up. We are already seeing this from both iBuyer programs and traditional buyers and sellers under quarantine."
"More broadly, the current turmoil in financial markets and related psychological impact will cause real estate assets to reprice through 2020 and early 2021. That should cause a surge in transactions in 2021 due to forced liquidity, greater affordability from homebuyers previously on the sidelines, and a desire for more stable investments."
About offrs.com
Since 2012, offrs.com has been a leader in Big Data and Predictive Analytics for real estate agents and brokerages nationwide. offrs.com serves thousands of real estate professionals from major national franchise brands and large independent real estate brokerages across the U.S. offrs.com is part of the Constellation Real Estate Group, which is a division of Constellation Software, Inc. The Constellation Real Estate Group operates a diverse group of leading technology brands in the real estate and mortgage industries.
For more information, visit https://offrs.com/
For more information on the Constellation Real Estate Group, visit https://www.constellationreg.com/
SOURCE offrs.com
Share this article