Many Americans are worried about another crash like what we saw in 2006 because the housing frenzy we are in now feels like it could be very similar to prior to the crash in 2006. So, what are the experts saying?
Hi, my name is Lynea Carver and I am with John L. Scott Real Estate. I want to share with you some quotes from Real Estate Industry Experts to help sum up what to expect in the 2021 Real Estate Market.
Lawrence Yun, Chief Economist of the National Association of Realtors says: “In 2021, I think rates will be similar or modestly higher, maybe 3%, therefore mortgage rates will continue to be historically favorable.”
Danielle Hale, Chief Economist of Realtor.com, says: “We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”
Senior Vice President and Chief Economist of National Association of Home Builders says: “With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets, and historically low interest rates.”
If you’re thinking about selling or buying and taking advantage of the real estate market, reach out to me at 206-962-0247. I am always here to help. And remember whether you’re buying a home or selling a home, it all starts with dream. Let’s dream together!
Please note, none of these quotes were taken out of context, the people quoted truly do anticipate a positive real estate market in 2021.