Real Estate Predictions continue to stay optimistic for 2021. Data from Zillow and Realtor Magazine, as well as U.S. News show that the seller’s market is likely to thrive again. Additional data also points to increasing home values. Real Estate bucked typical recession trends in 2020, due in part to mortgage rates. Similarly, workplace behavior changes affected the real estate market in new ways.
Hot Sellers Market
Grow.acorns.com, a partner of CNBC, says, “Demand for homes typically drops during the fall and winter in the U.S., and prices usually follow suit… though the market has bucked that trend.” The site also says, “Realtors and economists say two factors are driving the seller’s market in the pandemic: high demand from people looking to buy, and a lack of inventory on the market from sellers who were scared to sell their homes during the pandemic.” “The hot homebuying market is likely to continue well into 2021, real estate experts say, driven mostly by strong consumer demand and continued low interest rates.”
Home Values Likely to Increase in Toledo Area
Online real estate resource, Zillow.com, predicts Toledo area homes will increase in value again in 2021. According to Zillow.com, “Toledo area home values have gone up 13.5% over the past year and Zillow predicts they will rise 11.5% in the next year.” Realtor Magazine’s January-February, 2021 issue says, “Home sales are expected to rise by around 10%”nationally.”
Mortgage Rates and Workplace Changes
“Mortgage rates will continue to be favorable, staying at or near historic lows of 3% on average. Low mortgage rates have been the key reason for the housing market’s strong performance in the midst of the pandemic.” –Realtor Magazine. Couple that with what Realtor Magazine also points out, “During the pandemic, we learned that most people who work in offices could be just as productive at home, and this new reality will help fuel home sales in the post-pandemic economy.” Many buyers are looking for, “more space, affordability, and options that aren’t necessarily tied to an employer’s location,” says U.S. News.
Trust Your Local Real Estate Experts
2021 marks 141 Yearsof Effler/Schmitt Co. serving North West Ohio’s Real Estate Needs. The Effler/Schmitt Co. team is here to assist you with all your real estate needs and help you achieve your real estate goals. Contact us today at sold(at)effler(dotted)com or 419.537.1113.