What’s News in Real Estate
I may not have a crystal ball, but here is what some of the experts are saying …
For those of you who are looking to buy or sell a home, you may be wondering what the housing forecast looks like for 2021, right? Keep in mind, no one can predict the future of our market … but here is what some of our experts are saying. (The consensus is, it’s looking pretty strong!)
I think it’s fairly safe to say we are coming out of the pandemic, where some of its unknowns have subsided some, where buyers and sellers may be a little more eager to put their real estate goals into action. Interest rates still are at an all-time low, job recoveries in the works and the law of supply & demand, all together makes our real estate market a HOT topic for 2021!
For the buyers: Once a property comes on the market that suits your wants/needs, you will need to act fast as you most surely will be competing with other buyers for the same property. Getting guidance from your Realtor to put forth your best offer is imperative to “seal the deal”. The bright side for buyers right now is that interest rates are still notably low – giving them extra buying power that offers them a lower monthly mortgage payment.
For the sellers: You can feel pretty confident of the market in 2021. The market continues to heat up with the lack of inventory, properties fly off the market as soon as they hit if priced appropriately. Getting guidance from your Realtor to appropriately price your home is key to getting your home sold fast, and under the best terms! Where do I go once my house sells you ask? Speak to your Realtor about strategies that protect you from the worry of becoming homeless.
It’s very unlikely that the housing market will “crash” any time soon as some might wonder. The belief amongst experts is that it should stay strong for at least the next two years. Real estate experts predict that home prices will increase by 8% in 2021—and from there, they are projected to grow at a slightly slower rate of 5.5% in 2022.
With the high number of new buyers that continue to enter the market and not enough homes for sale to meet the demand, home sale prices will continue to go up. But on the other hand, if the number of houses for sale were so high and the number of buyers out there looking to buy them drastically shifted downward, home prices will go down which is when we would need to worry about the market taking a downward turn.