Let’s talk about the 2021 real estate market. There is a lot of chatter going on about what to expect of the real estate market in the coming year. Just about everywhere I go, I’m asked “where do you think real estate is headed?” After listening to many different experts on their opinions, here’s my take away about what to expect.
The economy will continue improving.
University of Oregon Professor of Practice, Tim Duy, states it perfectly; “There is nothing fundamentally ‘broken’ in the economy that needs to heal. There was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit.”
Interest rates will likely stay low.
With interest rates expected to stay right around 3% demand for housing will stay high. This is great news for home buyers & sellers! A good thing to keep in mind for buyers is even with low 3% rates, if you’re capable of buying now you WILL save when it comes to your monthly payment. Check out this chart below.
Home values will appreciate.
With demand staying high, naturally home values will appreciate. Over 2021, experts predict values will rise 7% from where they’re at currently. For anyone thinking of buying, the sooner the better!
The bottom line here is that the 2021 real estate market will be strong. More homes are going to come on the market and there will be buyers to buy them! If you’re thinking about buying or selling a home in the next 6-12 months, give me a call or shoot me a message, I would love the opportunity to earn your business!