If 2020 has been a difficult year for you there is a silver lining in 2021 housing market that could just add a little Christmas cheer to the New Year.
Mansion Global is forecasting the "U. S. housing market will get stronger through 2021 as the economy recovers from the pandemic-driven recession, while mortgage rates remain historically low."
Daryl Fairweather, chief economist at Redfin states, "Even as the pandemic hopefully nears its end, Americans will continue to buy homes that fit their lifestyle. As a result, 2021 will see more home sales than any year since 2006."
Despite low inventory, the housing market will continue to grow as more new homes will be built in 2021 than in any year since 2006. According to the Redfin forecast, "new construction has already picked up and building permits increased 21% from September to November compared to last year."
Things that you want to remain aware of in 2021 include:
1. Home sales in your area
2. Home prices - highs and lows
3. Available inventory
For those thinking of relocating to the "hottest places" here is a short list of metro areas: (not in any order)
1. San Antonio, TX
2. Tucson, AZ
3. Tampa, FL
These metro areas will become unaffordable:(not in any order)
1. Austin, TX
2. Phoenix, AZ
3. Miami, FL
Regardless of whether you are moving or staying; investing or liquidating your holdings, keep your ear to the ground and your eyes on the market indicators in 2021.
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