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Real Estate in 2021: What to Expect
What can we expect from the real estate market in 2021, after the unprecedented year we have just experienced? The good news is that the real estate market has remained strong this year, and the strong demand for homes is likely to continue into 2021. Our real estate agents have more information on what to expect from real estate in 2021 and how the trends may impact your own decisions.
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Low-Interest Rates for Mortgages Help Buyers
The Federal Reserve slashed interest rates to record lows this year in response to the pandemic, and the trend of low-interest rates is likely to continue in 2021 even if rates don't remain quite at record lows. This is good news for both buyers and sellers. For buyers, low-interest rates mean more favorable terms on a mortgage, making it easier to find a home that fits within your budget. For sellers, a larger number of buyers with access to low-interest mortgage rates means more potential bidders for your home. -
Rising Home Values Benefit Sellers
Even with the unpredictability of this year, home values have still been rising steadily. With strongly motivated buyers and more people interested in purchasing homes than homes available on the market, home values are likely to continue to rise in 2021. One reason why? Many people who currently own homes are not interested in selling due to all of the challenges faced in 2020. So if you do put your home on the market in 2021, you can likely expect a favorable market – especially if the home you're selling is located in a market with lower than average inventory. -
Expect Homes to be in High Demand
For so many people, the challenges of 2020 have strongly reinforced the value of having a home to call your own. That lesson is unlikely to be forgotten as the calendar flips to 2021. Buyers can likely expect significant competition for homes, so making the right bid and offering the right perks will be key to landing one of your first choices. On the other hand, sellers might be more willing to hold out for just the right offer in a competitive market. -
Some Business Will Still be Conducted Virtually
Whether you're shopping for a home or searching for a buyer, some business will likely continue to be conducted from a distance in 2021. That means virtual open houses, virtual tours, and videoconferencing will remain popular trends. The tools that you use to buy or sell a home will also depend on the precautions in place in each market and how comfortable each buyer is with visiting homes in person. -
Unpredictability Won't End with 2020
Looking back at this time last year, nobody could have predicted the events that would soon be coming in 2020. While there is more information to work with this time around, there are still many unknowns about what comes next. However, all trends point toward the real estate market remaining strong in the year to come.
Looking to get a head start on your home buying or selling plans for 2021? Our experienced real estate team is here to help. Contact us to buy and sell homes throughout the Livingston County, MI area.