What are the experts views of the 2021 housing market? Many Americans are worried about another crash because of the housing frenzy we’re in right now, being very similar to just prior to the crash in 2008. So what are the experts saying?
Hi, I’m Jennifer Prestwich, the Prestwich Group of Madison and Company Properties. I want to share some quotes with you from the real estate industry experts to help sum up what to expect.
Lawrence Yun, chief economist of the National Association of Realtors says, “In 2021, I think rates will be similar or modestly higher, maybe 3%. So mortgage rates will continue to be historically favorable.” Daniel Hale, chief economist of Realtor.com says, “We expect sales to grow 7% and prices to rise another 5.7% on top of 2020s already high levels.”
And what about senior vice president and chief economist of the National Association of Home Builders, he says and this is a quote, “With home builder confidence near record highs, we expect continued gains for single family construction albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong, given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”
So if you’re thinking about selling or buying and taking advantage of the market this winter, reach out to me, I’m always here to help. I’m Jennifer Prestwich, the Prestwich Group of Madison and Company Properties, and I’m here to help. Reach out anytime you’ve got questions. I’m more than happy to help you understand the real estate market here in Adams and Broomfield counties in Colorado.