If you are looking for a home to buy right now and are having trouble finding it, you are not alone. At a time like this, when there are so few homes for sale, it is normal to wonder if you will actually find a home to buy. According to the National Association of Realtors ( NAR for its acronym in English é s ) throughout the country, the inventory of homes for sale is at a record low, the lowest point recorded since NAR began tracking of this metric in 1982. However, more homes are expected to hit the market this year. Let’s break down the three key areas which will probably come as contin u to 2021 .
1. The owners who did not sell last year
In 2020, many sellers decided to put their moving plans on hiatus for a number of different reasons. From health concerns about the pandemic to financial uncertainty, many homeowners decided not to move last year.
Now that vaccines are being distributed and there is a light at the end of the COVID-19 tunnel, it should bring some reassurance to many potential sellers. As noted Danielle Hale, Chief Economist of Realtor.com ,
“Fortunately for aspiring home buyers, we expect sellers to return to the market as we see an improvement in the economy and progress against the coronavirus .”
Many of the homeowners who decided not to sell in 2020 will enter the market later this year as they begin to feel more comfortable showing their home in person, understanding their financial situation, and simply having more security in life.
2. build to n m to s new homes
Last year was in good year for home builders, according to the National Association of Home Builders ( NAHB for its acronym in English é s ), 2021 is expected to be even better:
“By 2021, NAHB expects continued growth in single-family construction. Be to the first year in which the total single – family overcome to the construction initiations million since the Great Recession . “
With more homes being built in many markets across the country, homeowners looking for new homes that meet their changing needs will be able to move into the homes of their dreams. When they sell their current homes, this will create opportunities for those looking to find a home that is already built and sets up a simple chain reaction for hopeful buyers.
3. Those financially affected by the economic crisis
Many experts do not anticipate a large wave of foreclosures hitting the market, given the options for deferment plans offered to current homeowners throughout the pandemic. However, some of the homeowners who have been financially affected will have to move this year. There are also homeowners who did not take advantage of the deferment plan option or were already in foreclosure before the pandemic began. In those cases, homeowners may decide to sell their homes rather than enter the foreclosure process, especially given the equity in homes today, Lawrence Yun, Principal Economist at NARexplains :
“Given the huge gains of recent prices, do not think many houses will have to go into foreclosure … I think the houses will sell and get to cash to the seller, even in a situation auction . So that’s a bit of a consolation that we don’t expect a massive sale of properties at auction. “
As we can see, it looks like we’re going to have an increase in the number of homes for sale in 2021. With pandemic fears beginning to ease, more homes being built, and more homes hitting the market before foreclosure, there is hope. if you plan to buy this year. And if you are thinking of selling and making a move, doing so while the demand for your home is high could create an exceptional moving option for you.
The demand for housing is high and the supply is low, so if you are considering moving, this is a good time to do so. There are likely many buyers who are looking for a home like yours, and options are coming for you to find a new home too. Let’s get in touch today to see how you can take advantage of the opportunities available in our marketplace.