Where is This Market Headed?
Everywhere you look it seems like someone is saying something different about the housing market and general economy in 2021. Some say we're going to hit a huge housing crash...others say we're on pace with natural inflation with no concern.
I am not an economist - and I can't predict the future...but I am in the housing market every day and I can tell you with confidence that there's no need to panic!
Inventory is low and pricing is high. This much is true for the Baltimore/DC metro area. What's also true is that affordability is the best it's ever been with interest rates at record lows! My grandfather paid 14% interest on his first home. Right now rates are between 2.5-3.5%.
Grant programs and state assistance programs are still in full swing and President Biden is even proposing a bill that may grant up to $15,000 to first time home buyers.
While there is avid competition amongst buyers due to low inventory - buyers are still ending up exactly where they are meant to be! There may be some hiccups along the way, you will probably even lose several homes in the bidding process...but once you find the one, it always has a way of working out ;)
Make sure you have a great team including you lender, realtor, title, and inspectors on your side to protect you and ensure that even if your offer is aggressive, you're not being taken advantage of and you fully understand your responsibilities during the process.
Check out this link to some help information on the 2021 economy from my favorite local economist, Anirban Basu.
I was trying to find a real estate agent that might assist me to sell my house. I was able to sell my property to Casanova Brooks, a prominent real estate agent, who enabled me to sell it at the appropriate price. You may also contact him if you wish to purchase or sell a home. Top real estate agents.
ReplyDelete