The price increases in the housing market have become quite expected in the past several months. With record low mortgage rates, a need for bigger space at home and an inventory shortage, the market is set up to see price increases due the basic economic laws of supply and demand.
This price increase, past a certain threshold, has left many first-time home buyers unable to afford to buy. The initial excitement of buying with extremely low mortgage rates has faded for first-time home buyers because they know that past a certain price the low mortgage rates are no longer relevant. However, those with bigger budgets are still very much actively looking to upgrade, especially since even a small shift in the mortgage rates could mean tens of thousands of dollars when buying a home with a seven-digit price tag.
Last week Realtor Magazine posted an article about a survey commissioned by Redfin. Over 1,400 hundred people were surveyed and individuals earning over $150,000 and those who already own a home, had a very positive outlook regarding the housing market in 2021. 64% of the homeowners in the survey expect things to be even better this year compared to 2020.
Furthermore, relatively to last year, sellers are extremely optimistic this year. Many sellers were hesitant last year, which furthered the price increases we saw in 2020. The price increases have encouraged the previously fearful sellers to consider putting their property on the market. Homeowners have seen an increase in wealth due to the price increases of their properties and they expect that to continue this year, so if they do sell, they know they will make good profits.
How do you feel about this year’s market? Are you wondering if you should take any action? Are you unsure if you should sell, buy or wait? Do you question the merits of investing in 2021? Amin Vali Real Estate Investment does all the work and research for you. You can talk to Amin Vali and find the best option for you on an individual and personal level.
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
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