Gearing Up for a New Year: Buying and Selling in 2021
When the pandemic hit earlier this year, the world was on edge as we all clung to see what might come next. For real estate, the results have remained very good despite the roller coaster we’re all riding in this pandemic.
Homes continued to sell consistently during the spring and early summer months, even if it was at a slightly slower rate than before the pandemic, and as late summer and fall rolled around, buyers continued to face stiff competition for the relatively reduced home inventory on the market.
As we look ahead to what 2021 may bring, much is still up in the air (after all, a year ago none of us could have predicted the impact COVID-19 was going to have on us). Time will tell how buyers and sellers will behave as the economic and health situation surrounding the pandemic continue to remain influx. Here are a few things we do know with relatively good confidence, however:
- Mortgage rates will continue to remain low, which gives buyers an advantage when it comes to financing a new home.
- Homes are retaining their values, if not increasing in value, during the pandemic, which was certainly not the case during the housing crisis of 2008.
- Home inventory is tight in many markets, which means there is tough competition for those homes that are on the market.
One very important thing to note as we look ahead, however, is that data is extremely market-specific. As you track real estate trends nationally, on a state-level, or even in the greater Miami-Dade area, know that home values for your specific neighborhood will likely vary.
To know the latest market trends for the communities you’re considering, get in touch with us at Drew Kern Real Estate and we can walk you through the numbers and further explain what they mean for you.
