Here’s a ‘boots on the ground’ update on the 2021 market.
On my recent phone calls with potential buyers and sellers, I’ve noticed that there are a few major questions on everyone’s minds: Is our pricing increasing or decreasing? Will we start seeing foreclosures in the area? Will there be a market shift in 2021?
No forecast is perfect, but several key factors point to another strong year for real estate. We continue to see a low inventory of available homes for sale, and the demand for those homes coming onto the market remains high. In some cases, we’re seeing multiple offers on our homes, with buyers paying more than the list price. As a consequence of these persistent conditions, prices are still trending upward.
“With multiple-offer situations aplenty, home prices continue to rise.”
Low interest rates in the 2s and 3s have spurred many folks to get pre-approved from a lender, but even many of these competitive buyers are struggling to find the homes that they seek. The final reason why our hot market has carried over seamlessly into 2021 is that people are flocking to the Upstate from places like California, New Jersey, and Florida; our area is an enviable one, and many newcomers find that their purchasing power is greater in our marketplace.
If you’re thinking about selling soon, don’t hesitate to reach out via phone or email. We’d be happy to come out and provide an equity analysis so that you can know what your home is worth in today’s market and have a customized outlook on what it would take to get it sold for top dollar. Even if you have a few simple, market-related questions, just pick up the phone; I’m always happy to be a resource for you.
