Century 21 CEO sheds light on real estate trends

Century 21’s CEO has provided his thoughts on why Americans are relocating to the countryside.

Mike Miedler spoke to Yahoo Finance about the real estate industry in the US. During the pandemic, more than nine million people have moved house across the region, as homeowners increasingly prioritise properties in rural locations.

The estate agent and property franchise CEO explained how the Covid-19 pandemic had affected people’s attitudes:

“We've got so many home buyers and sellers looking for something different out of their house, whether people are looking for a Zoom room or whether you're like me. You're homeschooling your children. You're working out of your home office. My house has become my gym and the place where I entertain my family.”

In recent months, property prices have risen dramatically in the US. Mike said,

“Do we worry a little bit about price and it going a little bit out of control? Yes. But at the same time, you've got mortgage rates at historical, generational lows that are really putting more purchase power in people's pockets in order to afford houses in a higher-priced environment.”

Throughout the year, people have also opted to boost the value of their homes even further by completing renovation work. The Century 21 CEO has seen first-hand the changes homeowners are making:

“You're also seeing obviously a lot of activity in folks redoing their homes. There's a couple dumpsters literally on my block. My next-door neighbor is building an office over his garage right now.”

Before the end of the interview with Yahoo Finance, Mike offered a few words of wisdom to those thinking about moving house. He said,

“The value of a real estate agent has really escalated because everything is so local and things have changed so dramatically over these last 12 months. Make sure you speak with a professional who knows the market.”