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Insight from the Law office of Joseph Marino, PC
What Will the Housing Market Look Like in 2021?
In 2020, the housing market was on fire, with mortgage rates at record lows and an unexpected number of people relocating after a transition to remote work.
Today, we’ll be wrapping up our COVID housing market series - read on to learn if it is still worth buying a new house in 2021.
Is It a Good Idea to Buy a House During the New Year Holidays?
Before we begin, it is important to note that although Christmas and New Year holidays are generally not considered the best time of the year to be making property deals, 2020 has changed the trend.
Surely, Covid-19 restrictions have played a huge role in this. Since house-hunting currently faces additional restrictions for health purposes, realtors have become far pickier about who they will let on the property. Some estate agents screen potential buyers before any house viewings, so they won’t have to waste their own time on those who are not ready to make an actual deal.
This gives serious house-hunters a great opportunity to get through the door on hot properties first and hopefully get to extend their holidays by throwing a housewarming party in January.
Expert Housing Market Predictions for 2021
Speaking of the new year, the expectations for the housing market as a whole are positive. First, interest rates, which motivated many buyers in 2020, are expected to remain low. Low mortgage rates will continue to provide greater purchasing power, especially for those who buy a house for the first time.
Nevertheless, it is Covid-19 that is affecting many areas of our lives these days, including the housing market. While the US may manage to have vaccinated most of the Americans by the end of 2021, it may still remain difficult for many other countries to distribute vaccines.
Therefore, the global economy will probably take longer to recover, compared to the US economy, making US mortgage-backed securities attractive to international investors.
Moreover, when the pandemic is finally over, Americans will keep buying homes that fit their new way of life better. As a result, it is expected that more properties will be sold in 2021 than in any other year since 2006. Annual sales growth will reach over 10% in 2021, increasing from 5% in the last year.
Rising prices for already existing homes will encourage more buyers to consider purchasing a new one. In addition, as land in suburban and rural areas is cheaper than in big cities, more buyers are now willing to purchase a property there. Hopefully, there will be more areas where houses can be built cost-effectively.
Stay Tuned for More News on the Housing Market
We hope you have found this three-part series useful! What topics would you like us to tackle next? Fill out the contact box below with your ideas. Have a happy New Year, and we wish you the best of luck with house hunting.
Insight from the Law office of Joseph Marino, PC
5 Ways of Dealing With the Impact of a Foreclosure
As we enter the new year, the last thing anyone has on their minds is elder law—but perhaps you should make it a New Year’s resolution to sort out your affairs this year.
Elder law attorneys like those at the Law Office of Joe Marino, PC, can help you with this process by providing advice, guidance, and support. Here are some of the things an elder law attorney may help you with:
So, what is the probate process? How can you make sure everyone will get what you want them to get? Let’s find out.
Even without a global pandemic to shut everything down, elderly people are at a disadvantage because the world is literally changing all around them. They have to adapt to and adopt new technologies that make little sense to them just to stay relevant.
There are numerous methods of investing in real estate nowadays. Did you know that you don’t have to buy a property outright in order to reap the benefits of investment? That’s right—with fractional investing, you can purchase shares in commercial or residential property and earn passive income.
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