Many pundits have high expectations for real estate in 2021. Also, they credit that to barometers from the last months of 2020. Add to that the indicators coming into focus for 2021. In fact, the consensus may be that we can at least expect another year of stable, domestic market activity. As a result, we can expect mortgage interest rates to stay low. We can expect demand to stay high. And, the low-rate barometer for both 30-fixed year and 15-fixed year looks particularly good. At the same time, it makes purchasing a home in 2021 a smart move. It’s a fact remarkably incentivizing both buyers and sellers, It’s paving the way for a positive outlook on 2021.
Expectations for Real Estate in 2021 Domestic Market
What are some of the specifics we may expect in 2021 market activity? Well, when it comes to the 30-year fixed mortgage rate, it may drop below 1.5% with points. And, even the national average recently fell to a record low. At the same time, the same trend in a significant rate drop is also predicted for the 15-year fixed mortgage. The Freddie Mac 30-year fixed-rate may also continue to stay well below 3%.
These interest rate predictions point to great expectations for real estate in 2021, generally. And, even if some variances occur, the domestic market is set to break a few more records. In fact, home buyers and sellers are set to break their molds and step into a momentum of successful real estate transactions. As a result, we should expect record sales. Although, we may also see price increases in some local markets. For example, trends in San Mateo County real estate, show home sales soaring. At the same time, they show prices edging upward.
To sum it up, 2021 is a great time to get a home loan. And, even a reduction in monthly mortgage payment amounts, from last year’s average may be in store for many. As a result its a great time to buy. In fact, it’s a great time to sell. Simply think of the high level of buyer incentive in tow. That said, do you plan to sell your San Mateo County property? Give market and home selling expert, Carmen Miranda a call. And, why not ask for her free home value analysis today?