THE 2021 HOUSING MARKET: WHAT TO EXPECT
2020 left everyone a little dazed. With so much uncertainty and new circumstances, we are left wondering what will happen with our living situation this year. Let us review some of the trends for the market.
COVID-19 has brought about a shortage of available housing with a higher-than-normal demand. Americans are taking advantage of the low-interest rates and homes are on the market a whole 14 days less than in 2019. With business operations being impacted and builders not being able to get their hands on materials as quickly as before, the development has been slower than usual.
Lifestyles have changed dramatically and with that, accommodation preferences are different as well. Many have flocked to suburbs due to attractive and affordable availabilities. With many now working from home the need for more space, another office, or even a separate room for the children to play is in high demand. 2020 has been EXTREMELY competitive for buyers. As a result of the rise in the buyers’ market, landlords now offer a variety of incentives for those looking to rent.
Will there be a housing market crash in 2021? With all the uncertainty many think that the crash is around the corner. There might be a short-term decline in rental units but the leading experts have predicted that the market will not crash this year. The home sale surge is likely to continue into 2021 and with the vaccine around the corner, the economy should garner some stability.
Whether you want to purchase or rent, act fast. 2021 is predicted to be a virtual year and with ease of access to information and listings online, the buying/renting process is quicker than ever. The seller’s market is HOT. It might be the right time to list your home and look for a place that suits your new needs.
Prices continue to rise and the inventory is limited. Do not sit around and wait for the right opportunity. Let Georgia Realty Team assist you and get ahead of 2021.