So now everyone wants to know: What’s going to happen with housing in 2021?
Even as COVID-19 vaccines become more widely available and more homes go up for sale, buyers on a tight budget may not get much of a break this year. Those basement-scraping mortgage rates, which put more expensive properties within reach, are beginning to rise again. And while higher rates are expected to slow the out-of-control, double-digit price growth the nation has experienced over the past year, home prices are predicted to continue rising in most metros—albeit at a slower pace.
“The very nature of the pandemic, through the health implications, social distancing, and need to isolate, has really brought a central focus on the importance of home for most Americans,” says George Ratiu, senior economist at realtor.com®. “In a sense, it has elevated real estate markets as a centerpiece of our lives.”
But this newfound obsession with homes has created severe stress points, Ratiu says. “Even with more sellers coming to market, we are undersupplied on the new homes front significantly.”
To read the complete article online, click the link below to Realtor.com