It’s no secret that the late 2020 and early 2021 housing market has been hot nationwide. While we’ve seen many trends filter in and out over the last several months, experts say there are few that are here to stay:
Inventory problems – Throughout the entirety of 2021, we have seen historically low housing inventory across the US. The low inventory coupled with the high demand for housing has caused buyers to compete for properties offering prices far above the listing price. As we continue into the rest of 2021, low inventory may slightly improve, but for the most part is expected to stay.
Low interest rates – The low interest rates we have seen through 2020 and 2021 caused not only a refinance boom, but also an increase in interest to purchase. While home prices are higher than average, buyers can offset this by locking in a low interest rate. According to real estate professionals, rates are expected to stay relatively low through the rest of the year.
Increased tech – The COVID-19 pandemic forced the mortgage and real estate industries to go digital on many of their processes. While some of this has gone back to the way it was done pre-pandemic, many of the digital processes such as virtual home touring and 3D renderings will likely stick around.
To learn more about trends to look for in the remainder of the 2021 market, click here.Tags: Mortgage News