April 15th, 2021
The housing market in 2021 is full of opportunity for buyers, sellers, and investors. Whether it is time to downsize, expand, or buy your first home, now is a great time!
For buyers, the most compelling incentive is low mortgage interest rates. According to Freddie Mac, the 30 year fixed rate is now averaging just over 3%. This is much lower than historic norms and is a huge advantage to those looking to buy a home this year in 2021. According to Frank Martell, President and CEO of CoreLogic, “positive factors like record-low interest rates and a booming housing market encouraged many families to enter homeownership.” Many renters are now choosing to buy a home with how much net worth they can obtain.
For sellers, inventory remains extremely low, creating a very strong seller’s market. According to Danielle Hale, Chief Economist at Realtor.com, “total active inventory continues to decline, dropping 50%. With buyers active in the market and sellers still slow to put homes up for sale, homes are selling quickly and the total number actively available for sale at any point in time continues to decline.” According to the latest Realtors Confidence Index Survey by the National Association of Realtors, “the average house is now receiving 4.1 offers and is on the market for only 20 day.”
With so many buyers looking to move into new homes, many sellers are receiving multiple offers on their property, therefore, keeping home prices strong. If you are looking to buy, sell, or invest, do not wait! Now is a great time.
Source: Keeping Current Matters