Will housing prices keep going up? Will mortgage interest rates stay low? What does 2021 have in store for us in the real estate industry?
Will housing prices keep going up?
Home prices are expected to continue appreciating as more buyers enter the real estate market in 2021. According to Fannie Mae, Freddie Mac, and the NAR (National Association of Realtors), home values will appreciate above 2% this year (nationally).
Will mortgage interest rates stay as low as they are?
While we don’t know where mortgage rates will go for the remainder of this year, interest rates are projected to remain near 3% in 2021. This will further fuel strong buyer activity. Projected interest rates from Fannie Mae, Freddie Mac, MBA, and NAR are in the graphic below.
Will home sales continue to rise? Is now a good time to sell my house?
Home sales are forecasted to rise in 2021 over 2020, especially as interest rates remain low. Watch for home buyers to prioritize homes with outdoor space and additional rooms that can be converted to home offices.
If you’re not sure what to do in this real estate market, reach out and we will give you our honest opinion based on your situation.