I am a commercial realtor serving Rhode Island, Massachusetts and Connecticut. There are several things to be aware of as we prepare for 2022:
First, many businesses are changing their models to enable employees to work from home. This is having a great impact on where people choose to live. Many individuals are choosing to move closer to family. There is a lot of migration from the cities to the suburbs putting pressure on the inventory for single family and multi-family homes in these areas. This has major implications on companies employing these individuals regarding where they want to operate their businesses and living accommodations for these employees. This means many of these office buildings are going through changes—being repurposed for other endeavors.
Second, landowners are worried about lost lease and rent money. The federal government allowed businesses to not make such payments while they were closed. However, with more businesses opening and people either changing jobs or working from home, that may translate into lost wages for the building or property owner. Since federal and state moratoriums on not paying off those commitments recently ended, payments will need to start rolling in or else the courts will be flooded with lawsuits, eviction notices and other legal remedies.
Third, finding storage space will become really important. Residents need it to downsize their lives while businesses need room for inventory and/or storing office supplies and equipment.
Fourth, once companies start manufacturing more goods and services, more workers will be needed to keep up with demand. With the supply chain breaking down and obtaining materials from overseas ports becoming more expensive and difficult to procure, the country must develop alternatives to maintain their productions and keep jobs intact. While it makes for a ‘golden growth opportunity’, it can also cause frustration because the workforce is being more discriminate in deciding their career path.
I have seven years in real estate, (have) been formerly trained in commercial real estate and have been training, developing and mentoring other realtors for four years.
Also, those who invested their money in bitcoin and held on to it are looking for ways to diversify their bitcoin into hard assets. One obvious area is real estate. The great news is buying real estate with cryptocurrency is happening today on a platform called Propy. These bitcoin millionaires prefer to trade in bitcoin to purchase a home.
Finally, an important daily part of being a realtor is networking with other realtors. I enjoy finding like-minded individuals who are willing to work to make real estate transactions happen.
Whether you’re in the research phase at the beginning of your real estate search or you know exactly what you’re looking for, you’ll benefit from having a real estate professional by your side. I’d be honored to put my real estate experience to work for you. You are always welcome to contact me with your real estate questions, concerns and thoughts regarding the industry.
Paul W. Cutler is a realtor with eXp Realty in northern Rhode Island.