Where is the Real Estate market headed in 2021?

Last year in 2020 we saw a drop in prices during the first lockdown in March. Since then the housing market has come roaring back for single family homes. Part of that was a dip in prices and the other part was due to the increases in the stock market.

Most buyer’s use money from their investments for their down payment amounts.

Because of that a lot of single family homes were selling last year but not so much condo and townhomes. With increased budgets most buyers were trying to get into single family homes.

This year working with many buyers, single family homes are getting 20+ offers and it is pretty tough to compete. Some of my buyers have been priced out and getting into townhomes and condos instead.

In 2020 we saw single family homes sell within a week and condo townhomes taking 2-3 months to sell. This year in 2021 condo townhomes are starting to sell in a week again with 2-3 offers. Nothing crazy but they are starting to move fast again as more and more buyers are getting into the market.

Mortgage rates are expected to stay around the same level and has allowed more and more buyers to get into the market.

β€œA 1% point drop in rates β€” such as from 4.5% to 3.5% β€” leads to a monthly savings of $167 on a $200,000 mortgage,” saysΒ Lawrence Yun, chief economist for the National Association of Realtors.

Home sales are expected to rise this year as more and more buyers are getting into the market. With the whole COVID situation becoming more and more certain with vaccines more people are getting into the market as well. In 2020 we saw less buyers and sellers due to uncertainty on what to do after selling.

For sellers the main thing when considering to sell is how prices are doing. As we see home prices rise even higher we forsee more inventory and sellers coming on the market.

Home sales are expected to rise this year as more and more buyers are getting into the market. With the whole COVID situation becoming more and more certain with vaccines more people are getting into the market as well. In 2020 we saw less buyers and sellers due to uncertainty on what to do after selling.

For sellers the main thing when considering to sell is how prices are doing. As we see home prices rise even higher we for-see more inventory and sellers coming on the market.

Have you had thoughts of entering the housing market this year in 2021 or what is stopping you from getting in? Give us a call at 408-840-3852 or [email protected] to discuss your purchasing options.

– Thomas Feng

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