If 2020 has taught us anything, it’s that the housing market is resilient and just. can’t. be. stopped. It’s been just over a year since the COVID-19 pandemic has shaken things up,
The Current Real Estate Market
Dated: April 6 2021
If 2020 has taught us anything, it’s that the housing market is resilient and just. can’t. be. stopped. It’s been just over a year since the COVID-19 pandemic has shaken things up, and the housing market has proven to put up a good fight. As many things nowadays, buying or selling a home just isn’t the same anywhere. What should you be prepared for in 2021? What’s happening in the current real estate market? Prepare yourself for a fight, but never back down from a challenge! With the right realtor by your side, you’ll execute the right strategies for buying or selling your home minus the panic.
Inventory is tight.
This isn’t new, but it also isn’t anticipated to change any time soon. There are fewer homes available on the market, making it harder for potential buyers. Many buyers are having to adjust or adapt their “home wish lists” or compromise on some of their desired “wants.” However, we’re in the beginning of Spring and homes on the market tend to trend upwards in the warmer months.
Buyers are plentiful.
Although a sparse housing market, buyers are in high demand! In fact, according to Norada Real Estate Investments, the most homes were sold in 2020 since the Great Recession 13 years ago. I can personally say that I helped my clients purchase more homes in 2020 than any other year! Also, homes are selling faster, averaging less time on the market.
Continued low interest rates.
This is great news for just about anyone who wants to buy a house, and also one of the reasons more people are buying homes. Currently, a 30-year mortgage has a 3.18% interest rate, a 15-year mortgage has an interest rate of 2.45%.
Homes are costing more.
It’s just a fact. With the insane demand, you should consider listed prices the “baseline” for your offer. You should fully anticipate having to increase your offer in order to remain competitive, with homes costing an average of 12% more across the nation (Norada Real Estate Investments). As a result, mortgages are going up slightly, as well.
It’s essential to have a realtor by your side to take on this current environment. Agents have been working in this climate for a year now and know some of the best strategies to buy or sell homes right now. Let them be your guide through this crazy market and know that you’re not alone!
I am a full-time realtor with Mi Choice Realty, I cover the Downriver Area, but will drive anywhere in Southeast Michigan if that is where you need me. I have been in Real Estate for over 4 years of ....