2020. The year we finally got this thing off the ground as our own independent real estate brokerage. The year we learned how to manage work, family and life (to a degree). Heck, the year we got married! And still and all, I am truly looking forward to 2020 being in the books. Normally I am not one to say "Good Riddance" to a particular year, but whether 2021 is any better to us or not, I think we can all agree, 2020, you won't not be missed.
So, what do I see happening in local real estate in the upcoming year? A lot. But not what I expected a month ago. See I think most of all, this whole sub economy of real estate will hinge on consumer confidence in a vaccine, and that seems to be wishy washy at best. With that said, here are the 3 top key points I have been feeling lately.
1. Prices will continue to climb.
Unpopular opinion if you are a buyer, I know, but with a vaccine being the easiest tracer to when the market may start introducing new fresh homes into the market, the few that will come up for sale will continue to generate the level of interest and offers as we have seen in the second half of 2020. So, for the short term, I see a slow but steady price growth to start us off.
2. Interest rates will remain low.
Nobody wants to jack rates right now while so many families and businesses are barely hanging on, so my prediction is, they won't. We may have some temporary market fluctuation like we saw over the fall, but as a whole, I see rates especially into Q2 remaining around where they are now.
3. The housing market at the end of the year will stabilize into balance.
This can't last forever. This local market was a sellers market before we all had masks on our face, and has been thrown into overdrive because of it. So, as the vaccine is distributed and, especially, if it works, more homes will come to market evening out the lopsided balance between buyers and sellers. I do not think prices will drop, but I think they will plateau.
One thing I will say, especially if you are looking down the road toward the end of 2021 to list your home, start to pay attention to which agents in your region are using ahead-of-the-curve marketing, it is absolutely going to matter. Trust me it's a lot easier to sell the only house in the neighborhood available than it is to market against 5 similar homes. Making your home stand out in a stable market is ever so important, and to see all we do for our listings, click here!
Happy New Year to all of our friends, we are ever so glad to have you along.
Chris & Nikki