What all you can Expect from the Housing Market in 2021? After COVID-19, a lot changed in the housing market. Low housing inventory, buyers moving to the suburbs, construction and renter affordability will change the dynamics of the housing market in 2021. Coronavirus pandemic was a black shadow that engulfed everyone in its spell. Naftali Horowitz is the appraiser who will bring to your light some of the latest happening that will change the way housing market operates in 2021. Without any delay, let’s look at these trends or changes.
Buying Due to COVID-19, mortgage interest rates reached the historic low rates. Low interest rates are expected to remain low but will increase gradually. With the expectations of higher interest rates of homebuilding and the ease of relaxations, experts expect sellers to have an advantage in 2021.
Selling Many homeowners are choosing not to relocate after COVID-19. Although low mortgage interest rate is an incentive to buy a new home, there is also a temptation for refinancing and
to say in your current home for long. The expectation of increase in home prices, will entice owners to sell.
Renting The pandemic’s economic impact is less for the rental market but still there are certain highlights that people who want to rent home must know about.