What is the Housing Market Doing?

What is the Housing Market Doing?
Isabel Guzman:
This month’s video series is all about what to expect in the real estate market in 2021. Are we going to see that dreaded crash?

Hi everyone. I’m Isabel Guzman, realtor with eXp Realty. I don’t know about you, but I have found the media to inflate the truth just a bit, and quite frankly, uses negative headlines to get more viewers. But let’s look at the projections for 2021 from people that have their pulse and are experts on the real estate industry. Low interest rates are an indicator of a strong housing market. According to Freddie Mac, they project interest rates to remain low. In fact, lower than what we’ve seen in the past five years. They are projecting interest rates to be in the low threes for the remainder of 2021. Also Chief Economics of realtor.com, Daniel Hill states, “We expect home sales in 2021 to come in 7% above the 2020 levels.”

Also all the major servicers, like Fannie Mae and the Mortgage Bankers Association, are also forecasting an increase in home prices in 2021. Not as significant of an increase as previous years, but still an increase. Also, according to Lawrence Young, Chief Economics of the National Association of Realtors, he states, “This winter may be one of the best winters for sales activity. On a winter to winter comparison, this could be one of the best breakout years just based on the fact that pending contracts are at such a high level.” I hope this information is helpful to give you some insight to what to expect. I’m always here to help. Feel free to reach out with any questions. I’m Isabel, bringing you home.
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