The experts are forecasting some very interesting trends for the housing market in 2021 - very positive trends. Here are a few key points to ponder:
- Affordability will continue to be a struggle for buyers as prices will hit new heights - expecting +5.7% increases.
- Home selling should return to normal seasonality with Spring and Summer being the usual strongest seasons.
- Home sales are expected to continue to grow - expected to be up +7% based on strong demand.
- Millennials continue to dominate and will now be taking over the “move-up” buyers as they have children and need more space.
- Covid 19 has created new reasons for people to move such as:
- The need for new home work space
- The need for new home virtual schooling space.
- With more people working form home, the desire to get farther out of cities will grow - suburban migration will increase.
We expect the seller’s market will continue into 2021 but it won’t be as intense. With inventory levels expected to increase due to a ramp up in new construction, sellers setting reasonable expectations can expect to see a timely sale. Buyers will enjoy a more hospitable market which should bring the fun back to being a home buyer once again.
For more details on these and other forecasted trends, visit https://www.realtor.com/research/2021-national-housing-forecast/ to explore their full article on 2021 Housing Market Forecast and Predictions.
