2021 Home Price Forecasts

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2021 Home Price Forecasts

Posted by HomeHunt on September 13, 2021
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Home Price Trends to Be Mindful of This Year

2020 was definitely a challenging year for many people due to the COVID-19 crisis. The pandemic impacted the housing market in more ways than one and homebuyers are still on edge with whether it is a smart decision to buy right now. It is important to learn about the home price forecasts to see how the market is predicted to go this year.

Forecasts

Mortgage Rates

2020 was a year of low mortgage rates that continued into 2021. Mortgage rates are predicted to climb up to an average of 3% by the end of the year. Mortgage rates are low because the economy is still recovering from the pandemic and are not predicted to incline anytime soon. This is great news for prospective homebuyers because of consistent rates and lack of rate increases.

Home Affordability

Despite low mortgage rates, housing rates are already very high and are not expected to drop any time soon. If anything, housing prices are expected to increase over the next year. Supply and demand are big contributors to the increase, especially within suburban properties. The increase in cost may be difficult for some homebuyers, but it is positive for the economy and its continued growth.

 If you are a potential homebuyer concerned with affording a down payment, there are a few assistance programs that you may qualify for. Do not give up your dream of being a homeowner due to higher home costs. There are ways to make your dream a reality. 

Future Home Growth

Due to the high demand and low supply across the country, the housing market will continue to rise throughout 2021. Zillow expects home values to increase by 10.3% by the end of November. This may be daunting to homebuyers but it does increase resale value of homes for current homeowners. 
Housing market indicators can tell us what 2021 will be like for potential buyers and sellers. Keeping up with the real estate market can make you a smarter home buyer/seller and give you the knowledge to navigate the ever-changing market. Get the home buying process started today with one of our real estate professionals at HomeHunt. Contact us today!

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