In general, people have begun valuing homes differently now that they’ve spent so much time inside this year; when you’re quarantining with family for months on end while having to work from home or facilitate remote learning for your kids, it’s only natural that you’d put a premium on space when you decide to enter the market. In fact, buyers are looking for upgraded space now rather than later because they want to lock in those low interest rates and enjoy a new home gym or office space for the remainder of this pandemic.
"Some of our clients are locking in mind-blowing lows of 2.75% on a 30-year fixed mortgage."
Furthermore, it’s a great time for people to sell their current homes because the inventory in our market is so low. 2020 can be characterized by a unique dichotomy of great prices for sellers and amazing interest rates for buyers. Will the market continue to have such strong incentives for both buyers and sellers as we move into 2021?
There is plenty of economic uncertainty to go around with vaccines on the way and a new administration in the White House, but what we can say is that interest rates will remain low, which is great news for everyone. Inventory levels have been closer to normal as of late but are still considerably low. Hopefully, these two factors that made our 2020 so hot will carry over into 2021, giving us yet another great year for real estate.
Now’s the time to start asking yourself big questions about where you want to be living in the next two to five years; would it make sense for you to move up your timeline so you could capture these historically low interest rates?
If you want to discuss your specific real estate needs with us or just have a few questions, please reach out by phone or email any time. We’re always here for you. From the bottoms of our hearts, we thank you for your continued support and we appreciate everything you’ve done for us this year. Happy holidays, and may you have an incredible start to 2021!
