January Real Estate Market Update 2021

January Real Estate Market Update 2021

Video Transcript:

This month’s video series is all about What to expect in the RE Market in 2021 are we going to see a crash??? 

Hi, John Garuti with JG3 Homes brokered by eXp Realty. Major servicers like Fannie Mae and the Mortgage Bankers Association are forecasting an increase in home prices for the year 2021. 

I don’t know about you, but I’ve found many media outlets inflate the truth and quite frankly use negative headlines to increase views and hit tech giant algorithms. 

Let’s look at projections for 2021 from people that are experts in the Real Estate Industry. As many of us understand, low interest rates indicate a strong housing market. 

According to Freddie Mac, they project interest rates to remain low, in fact lower than what we’ve seen in the past 5 years. They are expecting interest rates to be in the low 3’s for the remainder of 2021. 

Fannie Mae and the Mortgage Bankers Association are forecasting an increase in home prices for the year 2021. People are one the move. Home searches through online platforms are up and the demand for homes outside of cities is still trending. 

Another trend we are seeing is the increased cost of home as a response to demand. Chief Economist of Realtor.com Danielle Hale, states “We expect home sales in 2021 to come in 7.0% above 2020 levels. For buyers this means strike now for the best deal. For sellers, this news and an incentive to get that property on the market as you will be most likely getting the best return on your investment as home values continue to climb. 

Lawrence Yun, Chief Economist of National Association of Realtors, stated “This winter may be one of the best winters for sales activity…on a winter-to-winter comparison, this could be one of the best breakout years just based on the fact that pending contracts are at such a higher level.” 

I hope you find this information relevant and insightful. 

Contact me to listen, think through and troubleshoot your next move in the market whether it’s buying, selling or BOTH. John Garuti with JG3 Homes Brokered by eXp Realty 941-916-2859.

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