Real Estate News
2020 and 2021 were definitely challenging years for many people due to the COVID-19 crisis. The pandemic impacted the housing market in more ways than one and today, home buyers are still on edge with whether it is a smart decision to buy right now. Whether you work from home or want a house in the suburbs, it's important to consider what the 2021 home price forecasts predicted, and how that can affect the the future housing market.
Mortgage Rates
Mortgage rates were predicted to climb up to an average of 3%, 3.4% by the end of the 2021. Mortgage rates are low because the economy is still recovering from the pandemic. This was great news for prospective home buyers because of consistent rates and lack of rate increases.
Home Affordability
Despite the low mortgage rates, housing rates were already very high and were not expected to drop any time soon. If anything, housing prices were expected to increase. Supply and demand were big contributors to the increase, especially within suburban properties. The increase in cost may be difficult for some home buyers, but it is a positive for the economy and its continued growth.
If you are a potential home buyer concerned with paying a down payment, there are a few assistance programs that you may qualify for. Do not give up your dream of being a home buyer due to the 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 was predicted to rise throughout 2021. Zillow expected home values to increase by 10.3% by the end of November 2021. This seemed daunting to home buyers, but it increased resale value of homes, which was good for homeowners.
Housing market indicators can tell us what the future housing market will be like for potential buyers and sellers. Keeping up with the real estate market can 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!