Last year brought uncertainty and strife to many areas of life – but not to the real estate market. After the pandemic led to a slower than usual spring season, a booming summer and fall equated to a huge rebound and super-hot market. As we approach the Spring 2021 real estate market, here are some trends to keep an eye on:
- A Slow Uptick in Inventory – Websites such as com predict that this year will continue to see a strong sellers’ market as home prices rise and buyer competition remains fierce. Experts predict that inventory will make a slow and steady comeback, which presents more options and good news for buyers. Unfortunately, buyers may also have to face some bad news as we move further into the year: Increasing interest rates.
- Moving to the Suburbs – With many companies around the country opting out of traditional office settings in lieu of allowing employees to work from home, the need for extra spacious living has never been more popular. Economists predict that a high volume of city dwellers will leave their metropolitan lifestyle behind and flock to the suburbs, where they can enjoy more space and more affordability.
- Stay and Refinance – Because of the low supply of homes available in 2020, more homeowners decided to forgo their plans to sell and stay where they are for now. Experts believe refinancing will continue to be on the rise in the first half of 2021 or as long as mortgage rates are low.
- New Construction – Homebuilders are expected to take on plenty of new construction this year, as inventory of existing homes continues to be lower than average. According to the U.S. Census Bureau, building permits issued, which reveals planned construction on homes that has not yet started, were nearly 1.64 million for November 2020. The National Association of Home Builders expects ongoing growth for single-family construction throughout the year.
One thing is for sure: The need for an incredible closing team has never been more crucial as brokers, sellers and buyers prepare for another exciting year in real estate. Our staff is happy to offer expert, friendly service, leveraging technology to make your closing simple. Contact Us Today to learn how we can help you navigate through the buying or selling process and protect your best interests.
