The Perry Wellington Realty team has been talking about the housing market lately, especially with how hot it’s been this year even with a pandemic going on. Will that hot market continue into 2021? Dawn Pellas, Jordan Conrad, and Adam Conrad give their thoughts and ideas in the video above!
A recent article from the Home Buying Institute offered some predictions about next year’s market too!
HOME PRICES WILL KEEP RISING
Most local housing markets across the United States will continue to appreciate throughout 2021. Some cities could even see double-digit price growth over the next year or so, especially those with very low inventory.
INVENTORY WILL BE TIGHT
An October report from Realtor.com® revealed that housing market inventory is down considerably across the United States. Total inventory remains down 38% year over year. The Home Buying Institute thinks that trend will continue…. at least for the first part of the year.
SALES WILL REMAIN STEADY
In 2021, we expect home sales to continue at a strong pace, especially when the weather starts to warm up in the spring.
MORTGAGE RATES WILL BE AROUND 3%
Freddie Mac predicted that the average rate for a 30-year fixed mortgage loan would hover around 3% during 2021…. and the Home Buying Institute agrees…
2021 = ANOTHER GOOD YEAR TO REFINANCE
In most local real estate markets across the U.S., sellers will continue to have the upper hand in 2021, due to tight inventory conditions. Home prices will keep climbing in most parts of the U.S., and borrowers will continue to enjoy low mortgage rates throughout next year.