2020 being an uncertain year in terms of medical and economic conditions has made the house selling or buying market look forward towards 2021. To understand the scenario of the housing market this year, here are the latest housing trends. Applicable especially for the sellers, these housing trends if known can benefit you.
Slim picking for sellers
In terms of inventory, 2020 had seen a drastic decline. There were not enough house sales to meet the demand of buyers. But low inventory means low selling competition at the same time! This will widen your chances of receiving several offer letters. Your house being among the few saleable ones in the market will put you in a prominent position. So, as per the suiting of your timeline, pick a suitable offer and proceed with the selling in a breezy manner.
Rise of home prices
This means that selling your house can get you sufficient profits. If your real estate agent is an efficient one like ours, you can get your house sold for maximum profit. Having a clear idea about the local market, if you are not in a hurry to move, wait for the right offer to land up. You must ensure that the profit you make is no less than what you deserve.
Low mortgage rates
If mortgage rates are low, buyers will be more encouraged to buy your house. You just have to keep track of the interest rate. You may utilize the low-interest rate and shorten your payment schedule by refinancing your mortgage.
Growth of online real estate services
As online options have increased in the pandemic era, the opportunities explored will continue to be available in 2021. A virtual agent online can act as the middle agent between you and the buying party. Yet, you have to be aware of this sort of sale as your house is your biggest asset and there should be no glitches during the sale.
Digital technology is also making it easier to handle document-based tasks. Home transactions can be effortlessly executed using electronic apps and facilities without going anywhere.
Low chances of the housing market crashing
Though things have not been good in 2020, this year an extreme downfall in this marketing field seems unlikely. Collapse won’t occur but housing prices may be lower than usual. Still, the low mortgage rates are a motivation for buyers to approach the market. The supply of home listings is low and the home prices are gradually increasing. If you are a seller, now is a great opportunity to sell your house with profits.
Though nothing can be said with full guarantee, economists are stressing these housing trends arising this year. The pattern says it won’t be too problematic for the sellers. So, keep your head high and your house ready. Selling time may soon knock at your door!