The housing market made an incredible recovery in 2020 after over COVID lockdown and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with rates hovering at historic all-time lows.
Buyer demand is still incredibly strong with buyers across all price categories actively seeking properties to buy. However, on the supply side, seller traffic is simply not keeping up and so we have a challenge with inventory. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand and this can have the effect of pushing prices up.
What does this mean for buyers and sellers?
Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since multiple offers are more common when so few houses are available for sale.
Sellers may not want to wait until later in the year to put their houses on the market. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.
The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.
If you are thinking about selling, now is a great time to do so. Give me a call at 345-916-0500 to discuss how this could work to your advantage.