Friends, it's a great time to be a seller in today's real estate market. But... it's also a great time to be a buyer as the interest rates remain low, which means you get more house for your money. If you are thinking about buying or selling a home or purchasing an investment property, utilizing a professional to make plans and navigate the current real estate market is imperative. Handling multiple offers, navigating a simultaneous sell and buy up move, moving in from out of state, building a new home and timing the sale of your current home; It's an exciting time for many families. Let's do this!
Source: Keeping Current Matters
Welcome to 2021... is it the year you should sell your home and buy up? Is it the year you buy your first home? Is it the year you make a move? Let's see what the experts think as they weigh in on the matter...
Four Expert Views on the 2021 Housing Market
The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.
Lawrence Yun, Chief Economist, National Association of Realtors (NAR)“In 2021, I think rates will be similar or modestly higher, maybe 3%...So, mortgage rates will continue to be historically favorable.”
Danielle Hale, Chief Economist, realtor.com“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”
Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”
Mark Fleming, Chief Economist, First American“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”
Whether you’re ready to buy or sell a home in 2021, if you’re planning to take advantage of the market this winter, let’s connect to talk about the opportunities available in our local market.
Data received from Keeping Current Matters.
I know you are getting a ton of emails and information from every direction. I know fear is real right now. And uncertainty is everywhere. I'm happy we are all in this together regardless of our individual isolation in our homes.
Many of you that were planning to list your home soon or that have been home hunting recently are anxious about those plans. In recent days I have been taking in information from nationwide analysts in order to better guide my clients. In the short term, we have many unknowns. But we also have facts from our history that we can turn to until the unknowns become knowns.
Protocols: We've become wiser and more thoughtful. In just a few short days this week, we have adopted new protocols for listing and selling homes and we are taking care of our clients in new ways. See my facebook page over the next few days for more information on this as well.
Homes are still being sold: Per our closing department, home closings have not stopped or been delayed to date. Protocols have changed yes, but end goals have not. IF you are pending right now, your plan to close stays in place.
Homes are still being listed: Homes are going live and being sold. Where there is a need, activity will continue. On the MLS, just from the 17th - 20th of March we had 83 new listings and 51 pendings.
What does this mean for home values?: We are not currently in a recession but of the last 5 recessions, home values only depreciated in two of them. See image posted below. This gives hope for a best case scenario.
And finally, a good read for those interested in the US housing market overall:
I'm here to chat through anything you need. Stay safe and love on others.
Some insightful information here for first time home buyers. Take a peek...
I find joy in helping home buyers and sellers achieve their real estate goals, by equipping them with information to make empowered decisions on their real estate journey.