What’s in Store for the Housing Market in 2021?
The short answer: It should be a blockbuster housing market in 2021! If you’re considering selling or buying, this might be the year to jump in…find out why below!
How 2021 is Shaping Up?
Following a strong start to 2021, experts remain positive, predicting: Home prices will increase as interest rates remain relatively low in historic terms. We could see an upsurge of another 7% - 10% in home valuations nationally, on top of the gains in 2020. Single family housing starts could increase 9%. The homeownership rate should rise above 68% for the first time since 2005. Now is not the time to stand on the sidelines. Homes will continue to appreciate.
Housing was hot in Portland in 2020, and has remained so in 2021. Homes are selling on average in 47 days, with a median list price of nearly $500,000 (up nearly 7% in 2020). Predictions are that homes will increase another 7% in 2021.
What is Driving this Hot Trend of the Housing Market?
Nationally, lots of things are driving the housing market. Remote work has made relocation easier and led to demand for increased space. Low mortgage rates have boosted how much home a buyer can afford (let us know if you need some referrals for home loans in the Portland and Bend Oregon areas). The economy remains in recovery mode, with more people returning to work. Millennials and Gen-Xers are jumping into the market, and older Millennials are trading up. The segment of Asian American homeowners is growing, too, and the federal government may create down-payment assistance for Black and minority families.
Technology changes will continue too, with buyers liking to tour properties online first, and using e-Closings to save time. This makes finding and buying a home easier and quicker.
Want to Really Know What Sells? Wondering Where to Begin?
As always, if you’re thinking of listing, or you don’t own a home and are ready to buy here in the Bend Oregon, Central Oregon and Portland Oregon areas, let me know and I’ll help you take advantage of current market conditions. No matter what is happening in the economy, and especially now, you need an experienced professional as your ally. If you’re interested in selling your home here in the Bend Oregon, Central Oregon and Portland Oregon areas, simply contact me so we can walk through the colors, as well as if anything needs to be done or not at your home, so you can then get the most return on your investment. If you need any recommendations and referrals, just let me know…I’d be glad to assist with that too!
PS - I show houses every day, and I keep an ear out for buyer comments on what strikes them when viewing a home. I will help you focus on the least expensive upgrades that will get your home sold the quickest.
Let me know how I can help you #moveforward,
Teresa Catania, Broker
Fred Real Estate Group
Bend Oregon | Central Oregon | Portland Oregon
503-740-3293
teresa@teresacatania.com
I’m a nine-year Five Star Real Estate Agent!