Real Estate Market Forecast And Predictions For 2021
Many Americans are worried about another real estate market crash like what we saw in 2008 because they observe we are now in a housing frenzy reminiscent of the real estate run-up we saw in 2006. Do we need to be worried? Let’s take a look at a few different experts and what they think of the market data.
Hi, this is Emily Cressey with HomePro Associates with HomeSmart real estate here in Seattle. I want to share with you some quotes from Real Estate Industry Experts to help sum up what to expect.
Lawrence Yun Chief Economist of the National Association of Realtors says, and I quote, “In 2021 I think rates will be similar or modestly higher, maybe 3%……So mortgage rates will continue to be historically favorable.”
And Danielle Hale, Chief Economist of Realtor.com says, “We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”
And what about the Senior Vice President and Chief Economist of the National Association of Home Builders? He says, , “With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets, and historically low interest rates.”
So if you’re thinking about selling or buying and taking advantage of the market this winter, reach out to us at HomePro Associates with HomeSmart and remember, we are here to serve.