As we finish up any year, the question I get asked the most is what my predictions are for the real estate market for the following year. So today I’m sharing what I foresee in 2021. I believe we’ll see a lot of what we’re experiencing right now. We’ll see plenty of buyer demand and more sellers listing their homes. I also think we’ll continue to see listings selling quickly and for top dollar.
I speculate that two major things will be driving all that. First is the extremely low interest rates. Rates may not stay in that 2% to 3% range, but I expect them to stay at least in the 3% to 4% range, which is still excellent! Buyers will want to take advantage of these low rates because it keeps their payments lower. Rates this low will also drive home prices up somewhat.
The second driving factor is the shortage of houses for sale. We’ve been saying that for most of 2020, and it continues into 2021. Whether you’re considering downsizing or upsizing, now is an exceptional time to sell and find your new property.
If you’d like to have a conversation about whether now is the right time for you to move in your specific situation or you just have questions, reach out to me via phone or email. I would love to speak with you. You can also visit my website to get a free home evaluation to see where you stand.