Where Do Experts Say the Housing Market Is Heading?
As we enter the middle of 2021, many wonder if we’ll see big changes in the housing market. Furthermore, we will review predictions for the second half of this year. Here’s a look at what some experts have to say about key factors that will drive the industry and the economy forward in the months to come.
“. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring and fastest in September and October. While we expect fall to be competitive, this year’s seasonal pattern is likely to be more normal. Based on low inventory homes should sell fastest from roughly now until mid-summer.”
“Sellers have been hesitant to list homes as part of their personal health safety precautions. Sellers are now more encouraged to list and show their homes with a population mostly vaccinated by the mid-year.”
“Surveys showed that seller confidence continued to rise in April. Extra confidence plus our recent survey finding that more homeowners than normal are planning to list their homes for sale in the next 12 months. This may suggest that while we may not see an end to the strong sellers’ market. We might see the intensity of the competition diminish as buyers have more options to choose from.”
“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”
Experts are optimistic about the second half of the year. As we move forward, education will be 🔑 to your success. Let’s connect today to talk more about the conditions in our local market.
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