The housing market is tricky to predict, especially since 2020 was a year full of unpredictability. Although no one can forecast what will happen with entire certainty, housing trends can give you an idea about what to expect when it comes to buying or selling a home.
It should come as no surprise that 2020 saw huge fluctuations in the housing market as the country was hit with massive amounts of unemployment and extensive shelter-in-place orders. However, the housing market saw an uptick in pending home sales and rebounded much faster than other sectors of the economy. In fact, 2020 was a record-breaking year for the market with 5.64 million homes sold, the most since the Great Depression.
For 2021, experts predict that the housing market will continue to thrive, thanks to several key features:
Record-low mortgage rates: Homebuyers are taking advantage of lower mortgage rates and purchasing homes.
Work-from-home trend continues: With more people working from home, the home’s value increases. Homeowners realize they either invest more money in it or decide to move and maximize their new work arrangement.
Short listing times: Before the start of 2021, existing homes were usually on the market for just 21 days. That’s two weeks shorter than a year ago. This is great news if you’re a seller.
While 2021 looks to be competitive for buyers, resulting in quick-selling homes and higher prices, sellers should feel pretty good about the housing market. Reach out to your real estate expert if you’re ready to make the jump in 2021.
Sources: Financialsamurai.com, Daveramsey.com, Noadrealestate.com
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
