market is predicted to proceed rising in 2021
BREVARD COUNTY, FLORIDA – In keeping with many consultants, the actual property market is predicted to proceed rising in 2021, and it’s largely pushed by the lasting affect the pandemic is having on our existence.
As many people spend additional time at residence, we’re reevaluating what “residence” means and what we may have in a single going ahead.
Listed here are 4 causes persons are reconsidering the place they dwell and why they’re anticipating to purchase a house this yr:
1. File-Low Mortgage Curiosity Charges
In 2020, the typical rate of interest for a 30-year mounted mortgage hit a file low 16 instances, persevering with to fall additional beneath 3%. In keeping with Freddie Mac, the typical 30-year mounted rate of interest immediately is 2.65%.
Many marvel how low these charges will go and the way lengthy they’ll final.
Jennifer McCoy with McCoy-Freeman Actual Property advises:
“With present low stock on accessible properties on the market, there’s no higher time than now to behave on the house that matches your explicit wants. Mortgage rates of interest might by no means be this traditionally low sooner or later.”
This sense of urgency is driving many to purchase this yr.
2. Working from House
Distant work is a brand new regular for a lot of companies. Many within the workforce immediately are discovering they don’t have to dwell near the workplace anymore and so they can get extra for his or her cash by shifting just a little additional outdoors of the town limits.
The truth is, for some individuals, working remotely of their present house is difficult, particularly when there could also be different choices accessible.
3. Extra Outside House
One other new precedence for householders is having extra usable outside house. Being at house is driving these in some areas to hunt much less densely populated neighborhoods in order that they have extra room to stretch their legs.
In keeping with the State of House Spending report by HomeAdvisor, of the households surveyed, virtually half reported spending 27% extra on outside residing over the previous yr. It is a development that’s anticipated to develop in 2021 and past.
4. Avoiding Renovations
It’s lately come to gentle that many householders would additionally reasonably purchase a brand new residence than undergo the method of fixing up the one they’ve.
In keeping with the 2020 Profile of House Patrons and Sellers report from the Nationwide Affiliation of Realtors (NAR), 44% of residence consumers bought a brand new residence to “keep away from renovations or issues with the plumbing or electrical energy.”
Backside Line: It’s clear that homeownership wants are altering. Consequently, persons are anticipated to maneuver in file numbers this yr. Should you’re making an attempt to determine if now’s the precise time to purchase a house, let’s join immediately to debate your choices.
ABOUT THE AUTHOR
Bobby Freeman, a lifetime resident of Brevard County, has been a prime Realtor within the space for over twenty years. In his first yr as an agent, Freeman acquired a Rising Star award from his Brokers. Since then he has achieved quite a few gross sales awards from a number of the largest actual property corporations on this planet.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are household homeowners of the McCoy-Freeman Actual Property Group on Florida’s House Coast. Collectively they’ve greater than 40 years of in depth expertise in all facets of the actual property business, have bought over $420 million and are ranked within the prime 1% of all Florida Realtors.
Amongst McCoy-Freeman Group’s achievements are Licensed Luxurious House Advertising Specialist (CLHMS), Licensed Distressed Property Consultants (CDPE), Accredited Purchaser’s Consultant (ABR) and voted Finest Realtor in Brevard County. The group has been featured in lots of information publications together with CNN Cash Journal, CNNMoney.com, WFTV 9 Information, Information 13, WKMG Information 6, Coastal Apartment Residing Journal, Scorching Retirement Cities Journal, and SpaceCoastDaily.com.
For extra info go browsing to BrevardRealtyConnection.com
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