A Strong Housing Market Expected to Continue throughout 2021
Anyone vaguely familiar with the housing market currently, realizes that home prices have been soaring, and it is not allocated to only a few areas on either coast or just the large powerhouse cities; no, housing prices have soared nationally, and the demand outstrips the supply. Growth this year is expected, by many economists, to be the best in nearly 40 years.
What is Propelling The Market?
The housing market is being powered by demand for more spacious accommodations for home offices and schooling space. Many people that were in apartments and condominiums who needed the extra space have created a huge demand for starter homes; driving prices in that category even higher.
Low interest rates coupled with restricted lifestyle oriented activities has created more cash for down payments fueling the home buying market. And although we are seeing an ease to many of the restrictions we all have lived under the last year, the pandemic has rekindled a strong value and demand for space that single family homes provide over townhome/condominium style living. Additionally, one of the long term carryovers from the pandemic is projected to be the “work from home” arrangements that many companies have found to be very successful on several levels.
If you are thinking about selling your home, this is a great time to capitalize on the demand in the market, the high prices the market is supporting, and the low interest rates that are drawing more buyers into the market. Keep in mind that the homes selling with multiple offers and procuring high prices have been remodeled with open kitchen/living room spaces, new bathrooms and updated systems. Few homeowners are interested in buying a fixer so they can remodel and create equity. They want to move in and enjoy from day one.
Our Market Suggestion for Today
My suggestion is this: If you are thinking about buying a home, get in as soon as you can. There are some great options with assistance for down payments and great loans, and with no slowdown in housing prices anticipated, and interest rates that will eventually creep upwards, it’s not worth waiting.
As always, if you are thinking about buying, selling or remodeling, put us to work with our years of knowledge and experience. We always make recommendations that are in your best interest. Call, text or email us.