Let’s face it. 2020 was a rollercoaster of a year for just about everybody. We faced an unprecedented global pandemic that affected everything from jobs to schools and, yes, the real estate market. As of last month, over 5% of all mortgages in the United States were in forbearance. With the unemployment rate still hovering at nearly 10%, there’s unfortunately every reason to believe that number will continue to grow.
All of this uncertainty means a lot of families need a change and a way out of properties that may have quickly become burdensome. If you were looking to sell a house that was less than ideal for the market in 2020, however, you were faced with yet another difficulty as stay-at-home orders, financial insecurity, and health concerns led to fewer buyers in the market for new homes. That’s all the bad news, though. Thankfully there is some light at the end of the tunnel.
According to market reports from Forbes, the Washington Post, CNBC and others, home prices are expected to hit new highs in the coming year. As vaccine rollouts continue, we will hopefully leave the worst of the pandemic behind us as businesses, schools, and communities continue to reopen. Many economists are predicting a release of “pent up” spending that was curtailed by the lockdowns of the last year, leading to what many believe may be the strongest year for home sales since 2006.
Among the markets expected to see the highest sales and price growth in the coming year are many smaller and mid-size markets here in the Midwest, as home buyers benefit from historically low mortgage rates, which are expected to remain around 3.2%, on average, throughout the year. Many experts believe that the spring and summer home-buying seasons will be strong in 2021, and some predict a record-breaking year for residential real estate.
Of course, all of this is based on speculation. If 2020 taught us one thing, it’s that there’s no way to predict the future. For now, though, things are looking better, and the outlook for the rest of the year is good. If you’re thinking of selling your home, 2021 is an ideal year to do it. As the weather warms up, you can put in a little elbow grease and get it ready to show.
If, however, you’re one of many families that have been left in a pinch by the past year, HouseMax can help. Whether you have a distressed home that you need to get out from under or simply need to move to another city for work and don’t have time to put your place on the market, a dedicated house buyer like HouseMax is just the ticket.
HouseMax is based in Kansas City, Salt Lake, Omaha, Oklahoma City, and Tulsa, and our mission is to help homeowners get a fair price for burdensome properties—fast! We aren’t real estate agents trying to help you find buyers; we are the buyers! If you want a generous cash offer for your home in a hurry, contact HouseMax today!
