Hi, this is Emily Cressey with HomePro Associates at Home Smart Real Estate here in Seattle.
I don’t know about you, but I’ve found the media to sensationalize the truth, on occasion, and quite frankly use negative headlines to get more viewers.
Let’s take a zen moment to look at projections for 2021 from people that have their pulse on the market and are national experts in the Real Estate Industry. According to these economists, we’ll see:
#1 Low interest rates are an indicator of a strong housing market. According to Freddie Mac, interest rates are projected to remain low the rest of the year and, in fact, stay lower than what we’ve seen in the past 5 years. They are projecting interest rates to be in the low 3’s for the remainder of 2021.
#2 – Also, Chief Economist of Realtor.com Danielle Hale, states “We expect home sales in 2021 to come in 7.0% above 2020 levels.
#3 – Also, all the major loan servicers, like Fannie Mae, the Mortgage Bankers Association, and others are forecasting an increase in home prices in 2021. Not as significant an increase as we’ve seen in previous years, but still an increase.
Lawrence Yun, Chief Economist of National Association of Realtors, states “This winter may be one of the best winters for sales activity…on a winter-to-winter comparison, this could be one of the best breakout years just based on the fact that pending contracts are at such a higher level.” That is certainly what I’ve been seeing with the buyers I’ve been working with in the north end this winter, and is confirmed with other agents I’ve been networking with here in Seattle.
I hope this information is helpful to you and gives you some insight to what 2021 may bring to the Seattle real estate market.
I’m always here to help. Feel free to contact me or one of my team members here at HomePro Associates at HomeSmart Real Estate at any time. Always remember, we are here to serve!