How will positive covid news affect the market?
In my last market update, I briefly talked about where we see the market going in 2021. But this is a topic many people have questions about, so I figured we would do a full video on the topic.
Just like any other industry, 2020 was a crazy year for real estate. Inventory of homes hit an all-time low as interest rates were kept competitive to drive buyer interest, putting us into an extreme seller's market.
Fears around the coronavirus, political uncertainty, and a million other disastrous news headlines made this year a particularly hard one to make real estate predictions and to help people move.
So for 2021 how will potentially positive covid news have an effect on real estate?
We hope it means more homes to the market.
With large scale vaccinations in the future 🤞🏼🤞🏼 and a general level of comfort rising, we hope to see a surge of inventory to the market.
Sellers may start to feel more comfortable putting their homes on the market after a year of holding off.
The spring and summer are typically a time where we see a rise in new active homes to the market, so we are hoping that a large portion of the people who held off on selling will flood the market with new homes as things warm up.
Also, another positive sign is that the Feds recently said that they intend to keep interest rates low throughout 2021, so if you are a buyer who is ready to purchase but the right home for you just doesn't exist on the market, it looks like waiting for your dream home won't mean you will lose out on competitive interest rates. Yay!
For sellers, I will say if all these predictions are right, the time to sell is now. If you are at all interested in selling, your best time to put your home on the market is when there is less inventory and therefore less competition. This is definitely a weird time to sell your home understandably so if you would like to chat about your options I am here.
Have questions? Fill out our contact sheet here and we will get back to you asap.
