What to Expect From the Housing Market in 2021
Just like that, we are in the middle of 2021! If you're here, you're probably wondering if there are going to be any big changes in the housing market during the second half of this year. Well, wonder no more!
Here’s a look at what some experts have to say about key factors that will drive the industry and the economy forward in the months to come.
According to realtor.com, homes continue to sell quickly in what’s normally the fastest-moving time of the year. This year’s seasonal pattern is likely to be more normal, with homes selling fastest from roughly now until mid-summer. While we may not see an end to the sellers’ market, we might see the intensity of the competition diminish as buyers have more options to choose from.
The National Association of Realtors (NAR), sellers may be more encouraged to list and show their homes with a population mostly vaccinated by the mid-year.
As for mortgages, Freddie Mac forecasts that mortgage rates will continue to rise through the end of next year. They estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.
It's clear that experts are optimistic about the second half of the year. To learn more about the conditions in North Carolina, send me a message! I'll be happy to help.
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