The 2021 real estate market is shaping up to be an exciting and unpredictable one. With the pandemic still ongoing, there are many factors that will affect the market, from the economy to consumer confidence. Here’s what you can expect from the 2021 real estate market.
1. Low Mortgage Rates
Mortgage rates are at historic lows, and they’re expected to stay that way throughout 2021. This means that buyers will be able to get more house for their money and have lower monthly payments. It also means that refinancing an existing mortgage could be a great way to save money.
2. Low Inventory
The pandemic has caused a shortage of homes on the market. This means that buyers will likely have to be more competitive in their offers and may have to act quickly when they find a home they like.
3. More Remote Buyers
With so many people working remotely, buyers are now looking for homes outside of the city. This means that suburban and rural markets are likely to see more activity in 2021.
4. Virtual Showings
Virtual showings are becoming more popular, and this trend is likely to continue in 2021. Buyers can now get a good feel for a home without ever stepping foot inside.
5. Increased Competition
The low mortgage rates and low inventory mean that buyers will be competing for a limited number of homes. This means that buyers should be prepared to act fast and make their best offer.
6. More Affordable Homes
The pandemic has caused a decrease in home prices, which means that buyers may be able to find more affordable homes in 2021. This could be a great opportunity for first-time buyers to enter the market.
Overall, the 2021 real estate market is expected to be an exciting one. With low mortgage rates, low inventory, and more remote buyers, it’s sure to be a competitive market. Buyers should be prepared to act quickly and make their best offer when they find a home they like.