You might have noticed that since mortgage rates have hit historical lows over the last year, the number of available homes has gone down. This caused buyers to take advantage of extremely low rates, making the option of renting less enticing.
There also was the issue of sellers not wanting other people to come inside their homes due to the pandemic. This has slowly faded away and has led to a spike in off-market listings. Agents with a well-established network will often let buying agents know about homes that are going to be listed for sale prior to them hitting the market. This often leads to contingent offers without the home ever being listed online to home-finder marketplaces.
So, the question is, will there be more homes available in 2021?
According to Keeping Current Matters, the answer is YES!
As the country begins to reopen, homeowners that decided not to sell last year will be more open to listing their homes in 2021. Hesitation in listing last year was a direct result of many people not having job security, financial stability, and the fear of health risks. With new vaccinations being distributed to the public and a decrease in unemployment rates, we will begin to see an increase in home listings.
Not only will more homes be listed, but there will be more homes being built in 2021! According to the National Association of Home Builders, “it will be the first year for which total single-family construction will exceed 1 million starts since the Great Recession.” This is a great sign for the economy moving in an upward position as well as buyers seeing more opportunities for available homes.
Those who did suffer financially due to the economic downfall throughout the pandemic, or even jut suffering prior to it, may also be looking to sell their homes. Whether homeowners are on the road towards foreclosure, or they deferred on forbearance options, there will be an increase in homes available as families look to move into more affordable housing.
Overall, it is evident that there is a light at the end of the tunnel for buyers during 2021. If you’re thinking about selling your home, now is the time to do so to capitalize on the high demand of homes wanting to be purchased. If you have any questions about the financing options for your current or future home, contact one of our team members today!