2020 may have been a year to remember but 2021 will still be quite different from what was once considered “normal.” Wine country real estate and homes for sale in Napa, CA will continue to sell but the underlying issues with our economy will also continue to plague our daily lives. There’s a ton to consider when looking at the future of the housing market, but here are a few big problems that the Bay Area is going to have to contend with over the next twelve months.
A COVID-19 Vaccine needs time to gain public trust: The larger economy will likely not fully recover until most of the population is vaccinated and COVID-19 infection rates start to drop. A large number of Americans do not plan on getting the vaccine due to conflicting information from the government at the start of the pandemic.
Outward migration from the Bay Area: As the local economy started to shut down, many in the larger cities started to realize that living in a very small and expensive condo or apartment is very undesirable especially when nearly all work is performed from home. While wine country real estate is still largely part of the Bay Area, many have looked to flee the city for a larger property line and a higher quality of life. Homes for sale in Napa, CA may continue to benefit from this new influx of people.
Working from home will likely continue to be the new normal: 2021 will most likely see a considerable number of workers either working from home fully or partially. While familial needs and isolation are a problem, the benefits of not commuting or living close to work are very appealing to many. Wine country real estate and homes for sale in Napa, CA will be attractive to those looking to stay relatively close to the city but still want a suburban or rural lifestyle.
Wine and tourism will continue to suffer: While homes for sale in Napa, CA will be attractive, the local economy in the valley may not be as much. The wine industry was in need of a correction and tourism will not be sustainable until people feel safe to travel. Wine country real estate may continue to be a linchpin in the local economy as it will very likely continue to be in demand.