Sellers, there is a silver lining for you in 2021 (as it was in late 2020) through this pandemic! Home sales are surging alongside sale prices, which culminate into the perfect place to be as a seller.
Just remember, as I like to tell my clients: “Your home is worth more than you think.” Which is why it’s important to navigate through these trends in real estate in 2021 by following my lead. After all, this market is to your advantage.
Low Home Inventory for Buyers
It’s hard to believe, but inventory of homes was down 22 percent in November 2020 compared to the previous year. Buyer demand is at an all-time high! For sellers, that means a decrease in selling competition. Take the time to sift through the outbreak of offers on your home and pick the best one for your budget and timeline.
Home Prices Are on the Rise
Along with low home inventory, comes higher home prices. The national median (as of November 2020) was $300,000-plus, with prices rising by 15 percent compared to the previous year. That should give you confidence, sellers! A hefty profit could be in your future, if you work with an experienced selling agent that knows the market and knows how to negotiate for you, not settle for a low offer. A bigger profit could also be handy when you’re buying your next home.
Mortgage Interest Rates Are Low
Experts predict that interest rates in 2021 will continue to be low – around 3 percent. In November 2020, the average 15-year fixed-rate mortgage interest was 2.31 percent, which is the lowest in 30 years. What does this mean for sellers? Buyers are motivated to buy your home sooner, rather than later, before rates start to increase.
Work-From-Home Is Increasing
Just as more virtual showings are becoming more commonplace, so are more work-from-home situations for potential buyers. Because more companies are closing their office doors to keep employees safe (a research firm reports that 75 percent of companies plan to increase the amount of permanent remote employees), buyers are flooding the home real estate market. And, because it no longer matters where they live, a more affordable home away from the city seems more appealing – and makes more sense!
Additional Real Estate Trends
Experts believe that home prices will continue to rise in 2021, which is still good news for sellers. We’ll just need to work together to examine how much your home is worth to make sure your equity continues to increase as well. Also good news: economists believe a housing crash is unlikely because of the combination of low mortgage rates encouraging buyers to enter the market, which increases demand, and a low inventory of homes, which keeps the buyers’ market competitive and increases home prices. And, now more than ever, take advantage of this sellers’ market – even if you think you live in an unpopular neighborhood. Buyers are still interested. Remember, “Your home is worth more than you think.”
Contact Paige Bird, one of the top selling agents in the area, at 843.450.4773 or paige@paigebird.com to schedule an appointment to guide you through the process of selling your home.
