As Americans look upon 2021 with optimistic attitudes, many are hoping to make this year the year of growth, financial security, and progression. Yet there are still many who sit in stagnation, not knowing how to plan for their financial future. Many are concerned about job security, economic outlook, health and safety of their family, or aging parents, but the optimism should hold true. Americans are resilient and the economic outlook is not so grim.
Housing, the one financial market you can count on, is off to a strong start in 2021! The experts were right about housing market’s ability to weather the pandemic. Predictions that housing was to lead the US economy through the pandemic came true, with home prices hitting a record high, not seen since 2006. Charlie Oppler, President of the National Association of Realtors, stated that, “Overall, residential real estate will continue to be an important driver of our nation’s economic recovery and the activity in these markets will help lead the way.”
We are living in the post-pandemic economic rebound with low and stable interest rates, high builder confidence, home values which continue to soar, giving many an optimistic look at housing in 2021. With improved job conditions and decreasing unemployment, buyer and seller outlook is looking stable, which sets up the ability to act on and benefit in this thriving market.
How do Buyers win in 2021?
First Time Home Buyers should take advantage of low interest rates. Today’s interest rate on a 30-year fixed mortgage is 2.875%! Not only will First Time Home Buyers take advantage of paying less monthly on a bigger home than ever before while also avoiding price gouging on rentals, but they will finally feel the financial freedom that each working-class American hopes for. Owning a home is an instant savings account that will forever improve your financial future, setting you and your family up for years to come. It is one of those smart decisions you wish you did years ago.
How do Sellers win in 2021?
If you already own a home, then you know the financial perks of homeownership. But has anyone really explained to you how to utilize this investment? In this current market, trading up may be exactly what you should set your eyes on. A larger home with more space for work-from-home offices, more bedrooms, bigger yards for the kids, and a finished basement for home entertainment will be more affordable. Your current home values have continued to increase and are projected to rise an additional 5.7% this year! If you have been thinking about making a move, now is the time. Making sure to price your home right the first time will be imperative to draw in buyer interest which will result in a smooth transition to your new and larger home of your dreams.
2021 is set up to benefit both Buyers and Sellers this year! So, continue to look ahead at this economy with optimism and know that the one place we have felt comfort all 2020, our homes, held their value and will continue to prosper.
*For any questions about Buying, Selling, or Renting, feel free to send me a message at Vanessat@starckre.com or follow my blog for more tips by clicking subscribe, thanks for reading!*