The housing market was a shining star in 2020, fueling the economic turnaround across the country. As we look forward to 2021, can we expect real estate to continue to show such promise? Here’s what four experts are saying about next year.
“In 2021, I think rates will be similar or modestly higher, maybe 3% … So, mortgage rates will continue to be historically favorable. “
“We are waiting sales will grow 7 percent and prices to will rise another 5.7 percent above the already high levels of 2020. “
Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)
“With homebuilding confidence close to record highs, we expect continued gains for single-family construction, although with a lower growth rate than in 2019. Some slowdown in new home sales will grow due to the fact that an increasing share of sales came from homes that did not start construction. However, buying traffic will remain strong given a favorable demographic, a changing geography from housing demand to less dense markets and historically low interest rates. “
“Mortgage rates are expected to remain low for the foreseeable future and millennia will continue to form homes, keeping demand robust, even if revenue growth moderates. Despite the best intentions of homebuilders to provide more housing, the great housing shortage will last until 2021 and will probably further raise the price of houses. “
Whether you’re ready to buy or sell a home in 2021, if you’re planning to take advantage of the market this winter, let’s connect to talk about the opportunities available in our local market.
Content previously posted in Keep Current Things