Real Estate Market Analisys for 2021
The housing Market was a great surprise in 2020-and the positive trend will continue this year. Homes Sales in 2021 are expected to rise by around 10%. Home prices will also climb! Mortgage rates will continue to be favorable, staying at or near historic low of 3% on average. The labor market will strengthen, especially as vaccines become widely available and life moves forward normally. Around 4 million net jobs could be added, a gradual rebound from the net loss of roughly 7 million during the pandemic year of 2020. The unemployment rate by the year's end could be at 5.5%, a great improvement from 14.7%in April 2020 when the nation was under a strict lockdown, but still a few notches upfrom the generational low of 3.5% right before the pandemic. Low mortgage rates have been the key reason for the housing market's strong performance in the midst of the pandemic and high unemployment. Time and again, home sales have responded to rate changes. ...