The real estate market is set to have a record-breaking year in 2021. With the economy continuing to recover from the pandemic-induced recession, the housing market is seeing a surge in demand and prices.
The demand for housing has been driven by low mortgage rates, an influx of buyers, and a shortage of homes for sale. Mortgage rates remain near historic lows, making it easier for buyers to purchase homes. At the same time, there is an influx of buyers due to a growing population, an increase in remote work, and the desire to move out of urban areas.
At the same time, there is a shortage of homes for sale. This is due to a number of factors, including the pandemic, which has caused a slowdown in construction, and the fact that many homeowners are staying put, rather than selling.
As a result of these factors, home prices are expected to continue to rise. According to the National Association of Realtors, the median home price is expected to reach a record high of $344,000 in 2021.
The real estate market is also seeing an increase in activity. Last year, there were more than 6 million existing homes sold, a record high. This year, experts predict that sales will reach even higher levels, reaching 6.5 million.
The real estate market is also seeing an increase in investment activity. Investors are taking advantage of the low interest rates and the potential for high returns. They are buying up properties to rent out or flip for a profit.
Overall, the real estate market is set for a record-breaking year in 2021. With low mortgage rates, an influx of buyers, and a shortage of homes for sale, home prices are expected to continue to rise. At the same time, there is an increase in activity and investment, which will further fuel the market. With all these factors in play, it is clear that the real estate market is set for a banner year.
