At the end of 2019, forecasters were predicting a stellar 2020 for the housing market. Then came the global pandemic, which created chaos and uncertainty and derailed a booming economy into a recession. The economic recovery has been v-shaped so far, but this isn’t the end. And as the economy unfolds, it has produced clear winners and losers among the different sectors.
One of the big winners has been the housing market, which saw home sales and prices hit decade-plus highs following decade lows in the span of just a few months. Expect housing’s winning streak to continue in 2021 as seasonal trends normalize and some of the frenzied momentum fades thanks to affordability challenges, like mortgage rates increasing.
Other wild cards are in play as the gap between the employed and unemployed grows. Combine this with the expiration of the CARES Act and eviction moratoria. Along with the housing market, the economy could take another hit, especially if a flood of for-sale homes suddenly shows up.
You need a local agent who has the experience and knowledge to sell a home in any market but especially during this still unpredictable environment. If you’re contemplating selling your home, call me to get the real value. It could be more than you think. In the meantime, see what the forecasters at realtor.com are saying for 2021.