The 2021 real estate market is off to a roaring start, with activity and prices reaching all-time highs. Many experts are predicting that the market will continue to be strong throughout the year, with record levels of activity and prices continuing to rise.
The surge in activity is being driven by a combination of factors, including low interest rates, a booming economy, and a shortage of homes for sale. Low mortgage rates have made it easier for buyers to purchase homes, and the strong economy has made it easier for sellers to get top dollar for their properties. At the same time, the shortage of homes for sale has made it difficult for buyers to find the right property, driving up prices.
The result has been a strong seller’s market, with prices increasing at a rapid pace and homes selling quickly. According to the National Association of Realtors, the median existing home price rose by 14.8% in 2020, the largest annual increase since 2005. This trend is expected to continue in 2021, with some experts predicting that prices could rise by up to 20%.
The surge in activity is good news for many homeowners, as it is providing them with the opportunity to sell their homes at a higher price than they would have been able to get in previous years. However, it is also causing some concerns for buyers, as the competition for properties is fierce and prices are rising quickly.
Despite the concerns, the real estate market is expected to remain strong throughout 2021. Low interest rates and a booming economy are expected to keep activity levels high, and the shortage of homes for sale is likely to continue to drive up prices. For those looking to buy or sell a home this year, now is the time to act.
