Here’s a look at what several industry leaders have to say about how homebuyers may be empowered in the housing market this spring and into next year.
Ali Wolf, Chief Economist, Zonda:
“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed. This suggests more inventory will be for sale in late 2021 and into the spring selling season in 2022.”
Freddie Mac:
“The average 30-year fixed-rate mortgage hit a record low over a dozen times in 2020 and the low-interest rate environment is projected to continue through this year. We expect interest rates to average below 3% through the end of 2021.”
Nicolas Bedo, Economic Data Analyst, realtor.com:
“Nationally, the median listing price for a home is $340,000. With a median 1-bedroom rent of $1,533, it would take 11 months to save for the 5 percent down payment
of $17,000.
No matter their location, young people who are able to remain gainfully employed and cut back on housing costs because they move back with family to ride out the pandemic will be able to amass significant savings and likely become homeowners sooner than otherwise expected.”
Bottom Line
The experts are very optimistic about the housing market right now. If you pressed pause on your real estate plans last year, let’s chat to determine how you can re-engage in the homebuying process this spring.
