Market Update January 2021 #4

Here are four expert views on the 2021 housing market

Many American’s are worried about another crash like what we saw in 2006. The housing frenzy we are now in is very similar to the market prior to the crash in 2006.  So, what are the experts saying?

We want to share with you some quotes from Real Estate Industry Experts to help sum up what to expect.  Lawrence Yun, Chief Economist of the National Association of Realtors, says and I quote, “In 2021 I think rates will be similar or modestly higher, maybe 3%. So mortgage rates will continue to be historically favorable.”

And Danielle Hale, Chief Economist of Realtor.com says “We expect sales to grow 7 % and prices to rise another 5.7% on top of 2020’s already high levels.” 

And what about Senior Vice President and Chief Economist of National Association of Home Builders? He says and I quote “With homebuilder confidence near record highs, we expect continued gains for single-family construction, albeit at a slower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, shifting geography of housing demand to lower-density markets and historically low-interest rates.” 

So if you’re thinking about selling or buying and taking advantage of the market this winter, reach out to us at A&J Realty Partners with Key Realty.  And remember,  we’re to help you fulfill your dreams no matter the size!