Are we going to see inventory levels go up in 2021 and how will this affect the market?In my over seven years in the industry, I have never seen inventory this low, ever. What does this mean for a
2021 Market Update Series 4
Dated: January 27 2021
This is my final blog for the Market Update series.
Many Americans are worried about another crash like what we saw in 2006 because of the housing frenzy we're in now being very similar to, prior to the crash in 2006. So what are the experts saying?
I want to share with you some quotes from real estate industry expert to help sum up what to expect. Lawrence Yun, chief economists of the National Association of Realtors says, and I quote, "In 2021 I think rates will be similar or modestly higher, maybe 3%, so mortgage rates will continue to be historically favorable." And Danielle Hale, chief economist of Realtor.com, says, "We expect sales to grow 7% and prices to rise another 5.7% on top of 2020 is already high levels." And what about senior vice president and chief economist of National Association of Home Builders? He says, and I quote, "With home builder confidence near record highs, we expect continued gains for single family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower density markets and historically low interest rates."
So if you're thinking about selling or buying and taking advantage of the market this winter, reach out to me at Experience Real Estate as I'm always here to help you. And remember, when you do what you love, people love what you do. Have a great day.
I am a full-time professional Realtor providing outstanding service to the SW Florida community. I facilitate your real estate goals in the luxury, new construction, vacation and mid-range markets. ....