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.
“In 2021, I think rates will be similar or modestly higher, maybe 3%...So, mortgage rates will continue to be historically favorable.”
“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”
“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.”
“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.
The pandemic has altered our lives over the past year, and homeowners’ choice in furnishings and remodeling is reflecting that. Once timely features are losing popularity, while features once considered trendy may be here to stay. While open floor plans have been consistently popular over the years, Tim Bakke, director of publishing at The Plan Collection, said since the start of the pandemic, there has been an increase in more dividers in homes.Read More
There are many financial and non-financial benefits of homeownership, and the greatest financial one is wealth creation. Homeownership has always been the first rung on the ladder that leads to forming household wealth.Read More
Deciding to put your house on the real estate market means a change in mindset from what is your home to what is a product. To maximize your investment, you need to do things you might not realize or want. The most important consideration when preparing your home for sale is selecting the changes having the least cost with the most benefit.Read More