Buying a home will look different in 2021
The past year has changed the way we do many things. Why should buying a home be any different? If you're looking to buy in 2021, there are a few trends to watch out for:
Inventory has remained low in many places compared to previous years. For buyers, this means fewer homes to choose from and greater competition. According to the National Association of Realtors, the median home price in November 2020 increased by more than 14.6% over the previous year. Home sold in an average of 21 days.
For buyers, these numbers may seem discouraging. But the good news is that mortgage interest rates have remained at record lows, which can help with affordability. Get preapproved for a mortgage now to give you an edge and ensure you're ready to act fast.
By this point in the pandemic, real estate agents and sellers have figured out how to make things work in a socially distanced world. Agents may employ virtual home tours, smaller open houses with masks, or Zoom meetings to show homes.
You may need to be prepared to sacrifice some of your wants or expand your search area. A real estate agent who knows the area can help find a home that fits your budget and needs.
Talk to our team at Harnish Properties to see how we can help you navigate the new trends and challenges in a changing market.
201 B Avenue, Suite 101
Downtown Lake Oswego