If you are looking for a home to buy now and have trouble finding it, you are not alone. In such a time as there is few houses for sale, normally ask you if you will actually find something to buy. According to the National Association of Agents of Agents (POMEGRANATE), across the country, inventory of available homes for sale is always the lowest – the lowest point recorded since NAR began tracking this metric in 1982. However, there are more homes that will be expected to market later this year. Let’s separate the three key locations from which they are likely to come, as long as 2021 lasts.
1. Homeowners who did not sell last year
In 2020, many vendors decided to pause their moving plans for many different reasons. From health concerns about the pandemic to financial uncertainty, many homeowners decided not to move last year.
Now that vaccines are being distributed and there is light at the end of the COVID-19 tunnel, it should bring some reassurance to many potential vendors. Like Danielle Hale, Chief Economist at realtor.com, notes:
“Fortunately for future home buyers, we expect sellers to return to the market as we see an improvement in the economy and progress against the coronavirus. “
Many of the homeowners who decided not to sell in 2020 will enter the market later this year as they begin to show their home more comfortably in person, understand their financial situation and simply have more security in life.
2. Newer Homes Will Be Built
Last year was a strong year for homebuilders, and according to the National Association of Home Builders (NAHB), 2021 is expected to be even better:
“By 2021, NAHB expects continued growth for single-family construction. It will be the first year for which total single-family construction will exceed 1 million starts since the Great Recession. “
With more homes being built in many markets around the country, homeowners are looking for new homes that meet their needs. changing needs will be able to relocate to their dream homes. When they sell their current homes, this will create opportunities for those who want to find a home already built to do so. It sets up a simple chain reaction for hopeful buyers.
3. Those Funded by the Economic Crisis
Many experts do not anticipate a big wave of executions coming to market, given the we will tolerate options given to current homeowners through the pandemic. Some homeowners who have been economically affected will, however, have to relocate this year. There are also homeowners who did not take advantage of the tolerance or were already in an execution situation before the pandemic began. In those cases, homeowners may decide to sell their homes instead of entering the foreclosure process, particularly because of the equality in homes today. Lawrence Yun, Chief Economist at NAR, explains:
“Given the huge price gains lately I don’t think many homes will have to be executed … I think homes will only be sold, and there will be money left for the seller, even in a miserable situation.. So that’s a bit of a silver liner that we don’t expect a massive sale of distressed real estate. “
As we can see, it looks like we will increase the number of homes for sale in 2021. With fears of the pandemic easing, new homes are being built and more listings coming to market before execution. , is a hope if you plan to buy this year. And if you’re thinking about selling and moving, doing so while on demand for your home could create an outstanding choice for you.
Housing demand is high and supply is low, so if you’re thinking of relocating, it’s a great time to do so. There are probably many buyers looking for a home just like yours, and there are options for you to find a new home as well. Let’s connect today to see how you can take advantage of the opportunities available in our local market.
Content previously posted in Keep Current Things