What to expect from the real estate market in 2021?
This is the time of year that many people begin to assess their housing needs for the next year. Is their current home still working for their needs? If not, when will be the right time to buy or sell?
With the continued uncertainty surrounding the global pandemic, these questions are more important than ever. Although home prices faltered for a short time at the onset of the COVID-19 pandemic, they recovered quickly and have continued to surpass many expectations.
It's likely that home prices will continue to rise in 2021. Mortgage rates have hit historic lows several times during the year and continue to drive demand among buyers. This is good news for sellers, who can expect low rates to continue to drive demand in the coming year.
Although demand tends to slow during the winter months, expect it to surge again in the spring.
Buyers may face competing offers in 2021. If you're looking to buy next year, now is the time to start talking to an agent and planning. You'll want to be ready to act quickly if you find the right home.
Our team at Harnish Properties is ready to help you make informed real estate decisions in this confusing time. We have been living and working in Lake Oswego for many years and have a strong understanding of the local community and selling cycles. We look forward to helping you make your dream home a reality.
201 B Avenue, Suite 101
Downtown Lake Oswego