In the face of 2020 and all its challenges, an economic bright spot emerged: The real estate market. We all needed a silver lining in a crazy year and the housing market delivered - booming and busier than ever. Now that we're into the start of 2021 and after months of homes flying off the market, we have to ask... will these conditions hold, or has the market peaked?
Record low interest rates and the work-from-home movement meant more and more people were buying homes in 2020. The good news is those trends are expected to continue with experts predicting a solid housing market in 2021 for many reasons. For starters, buyers who delayed purchasing in 2020 due to health and safety concerns surrounding COVID-19 are now ready to make the jump and buy. Digital closings and continued remote work policies will open up more housing options and add to the ease of homebuying. Mortgage rates are also predicted to remain low, allowing more buyers to qualify for mortgages. And while home prices will still increase, it won't be as dramatic compared to 2020.
All things considered, we should expect an abundance of good news from the housing market this year. Low mortgage rates, an influx of both buyers and sellers, and long-term remote work policies will keep home sales booming. As we enter the historically busy spring home-buying season, don't hesitate to turn to SoftPro for the latest updates on how the industry is faring. Read on for more detailed information on 2021 real estate and housing market trends.
Download our free e-book to learn more about the following 5 housing market trends in 2021:
- Digital technology and remote work policies
- Mortgage rates
- Housing prices
- Market pace
- Federal Administration changes