The real estate market is strong and we’re looking at a good setup going into the prime real estate season. While we did have a slowdown in new and existing home sales in February, we were still up significantly year over year. It seems the February slowdown was primarily influenced by the weather.
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As I discussed in my previous post, home prices are at record highs, rising 10.1% in December 2020.
We’re in a seller’s market, which in turn makes it competitive for buyers. In this post, I will share with you 5 tips on how to prepare you to get the home you want in a competitive market.
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Home prices continue to make all-time highs. Should you be concerned about purchasing a home at current prices?
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Happy New Year!
As we close out the year, I want to provide an overview of the 2020 residential real estate market and provide my thoughts on 2021.
This past year was a big year for residential real estate with strong price growth and new home trends.
Home sales saw tremendous growth this year as consumers took advantage of low-interest rates. Likewise, being forced to spend more time at home, the desire to have one’s space increased.
This growth was reflected both at a national level and in Atlanta.
From January through November 2020, home prices grew 19% nationally, compared to 5% in 2019.
In Atlanta, 2020, home prices rose 18% compared to 7% in 2019. This growth was impressive, given that we were already in a hot market.
Fewer people were selling, too, driving down supply. National supply in November 2020 was at 1.6 months compared to 3.1 months in November 2019.
In Atlanta, November 2020 supply was also at 1.6 months compared to 2.9 months in November 2019.
This shortage was reflected in how quickly homes were selling. Nationally, homes remained on the market for an average of 11 days in November, compared to 27 days in November 2019.
Atlanta was no different; homes remained on the market for 11 days in November, compared to 26 days in November 2019.
2020 changed the way people shopped for homes and changed the priorities of what people looked for in homes.
Online home shopping accelerated as people toured homes virtually. Video conferencing was prioritized as agents walked clients through homes on video calls. As I have adapted to the changing markets, I now have the technology to provide even better services for clients hesitant to leave their homes.
Another significant shift has been in the way we close, becoming more virtual with remote mortgage approval, inspections, and appraisals.
Priorities also shifted. More people considered homes with dedicated office space, good outdoor access, and home gym or community gym access. This changed the way sellers prepared, staged, and listed their homes to sell.
Due to low mortgage rates, we will continue to see a strong buyers market. Rates are forecasted to stay between 2.9%-3.4% for 2021. In the near term (Q1 2021), I expect 30 year fixed to remain around 2.7%.
With limited supply and high demand, I expect home prices to continue to rise over 2021, but not at the rate of 2020. Experts predict that more inventory will become available in the summer months as vaccines take hold and warm weather ensues.
I expect the same trends to continue to manifest in 2021. Buyers will be looking for more space. National Homebuilders Association expects an increase in median home size after a four year decline.
Demand for green space and more defined floor plans will take hold as more people spend time in their homes with activities like working and exercising.
Overall I believe we will have another bullish year for home sales. It will be a good year for both buyers and sellers and a year to take advantage of low-interest rates.
Are you ready to buy or sell your home in 2021? Contact me, and I can walk you through everything you need to know to make a smart long-term decision.
The pandemic has accelerated many things. One acceleration that I’ve observed is the connected home. With more people working from home and building out more at home “comforts”, I’ve been asked more about connected home devices.
This year, I’m writing my version of a holiday gift guide with my favorite connected home devices.
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As you know, the housing market has been robust over the last six months. Redfin just reported that home prices had increased another 15% as of October 23rd, and 56% of its homes for sale went through bidding wars.
Much of this has to do with lower supply and higher demand, coupled with extremely low-interest rates.
So what should you do if you are in the market to buy? Should you wait and see prices level and supply increase? Or should you commit as prices continue to increase?
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We’re transitioning into fall with a robust residential real estate environment.
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New home construction is on a terror surging 22.6% in July.
Mortgage rates hit a record low in August of 2.88%.
If you are considering a new home, now is the time. Prices continue to rise back up to pre-pandemic levels and demand is rising with it, as seen with the surging new construction.
But right now we are in one of those rare moments where pricing is still leveling and interest rates are unbelievably low.
Carpe diem!
With that being said, here are my top four tips for getting the home you want right now?
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“Is it better to rent than buy?”. This is one of the most frequently asked questions I get from my millennial clients.
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As the pandemic continues to loom, folks are trying to move forward with positive changes. This can be seen in the current real estate market. People are taking advantage of low-interest rates and advancing home-buying plans.
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