If you are in the market to buy a home and are waiting till 2021 in hopes of a price drop, you will mostly be disappointed. Although prices are not expected to rise as dramatically as they did this year, the real estate market will continue to see prices go up throughout 2021. The ironic part is that the prices being so high already will continue to cause an affordability issue in 2021 which will slow buying next year.
Although there is still a lot of activity in the market, the lack of affordability is keeping many people from buying which is keeping prices from going up dramatically again, the way they have been this year.
Additionally, the record low mortgage rates we are experiencing now will start to go up and hit an average of 3.4% by the end of 2021.
The bright spot for buyers this year is the low mortgage rates, however, next year the bright spot for buyers will be an increase in supply. The increase in inventory will be because more sellers will put their properties on the market and there will be more newly built properties available to buy in 2021.
Sellers, on the other hand are experiencing a boom right now and will continue to do so all through 2021.
However, as this year has taught us, we have to expect the unexpected even while we inform ourselves and plan accordingly.
The economy is expected to recover in 2021, however, that is a prediction and not a fact.
Taking action today with what we know now, can sometimes be better than planning for tomorrow based on predictions.
If you are a potential buyer wondering what to do in such a competitive market, talk to Amin Vali of Amin Vali Real Estate Investment to find the right solution for you.
Civil Engineer, MBA, Real Estate Agent
Amin Vali Real Estate Inc.
Persian Realtor,Persian Real Estate,
Cell phone: +1 (949)220-1000
Phone : +1(310)300-0011
Web : http://www.aminvali.com
E-mail : firstname.lastname@example.org
Realtor in Zutila Inc.