January 2021 Real Estate Market Update
Hi I am Christina Swain with Keller Williams. I hope you enjoyed your holiday! Welcome to 2021. So the question on everyone’s mind is: what is in store for the 2021 real estate market?
Let’s take a look:
Well if inventory continues to remains as low as it has been we will see home prices continue to rise. The median asking price for properties in September 2020, according to Realtor.com, was $350,000. That’s up 11% compared to last year. Inventory has declined 39% year-over-year, despite a quick burst of new listings in August. Increased demand and a dwindling supply are great for sellers but not so much for buyers. If you are thinking about selling why not net the most? Pick up a copy of my book on amazon, “How to net the most when you sell.” With easy tips and tricks on how to prepare your home for the market.
Could There Be Downsides?
While there are some indicators of positivity, there are also potential negatives that could come into play. Unemployment numbers are still high, and rolling lockdowns throughout the winter could cause those numbers to rise. Which could lead to some consumers having difficulty making mortgage payments. If you or someone you know is struggling to make their mortgage payments, reach out to me. I am happy to help advise and educate you or them on your options. For some it maybe best to stay in the home, while others it makes sense to sell. Reach out, I am happy to help.
On the other side of the coin:
Buyers will be thrilled to know that the fed has signaled their intention to keep rates low for the foreseeable future. Which is great! It is cheaper now to purchase instead of renting.
If you are thinking about purchasing reach out to me for a free Buyer’s Needs Analysis. This is a free no obligation consultation. I would love to sit down with you and review your options and help educate.