2020 has been filled with challenges for certain, but good news – the 2021 real estate forecast is looking great! Why you ask?
1. The Economy Is Expected to Continue Improving
“There is nothing fundamentally ‘broken’ in the economy that needs to heal…there was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit…With Covid-19 cases surging again, it is understandably hard to look optimistically to the other side of this winter…Don’t let the near-term challenges distract from the economic stage being set for next four years.” – Tim Duy, University of Oregon
2. Interest Rates Are Projected to Stay Low
“In the latest projections from Freddie Mac, interest rates for a 30-year fixed-rate mortgage are expected to remain at or near 3% next year.”
3. Future Home Sales Are Forecasted to Grow
“We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year.” – Danielle Hale, Chief Economist at realtor.com
If you’ve thought about buying or selling in 2020 but have held off, now may be the time to make your move!