2021 Housing Market Trends
What Housing Market Trends Can You Expect in 2021?
The new year is practically here! With 2021 right around the corner, many homeowners, real estate agents, and loan officers are wondering what the new year will bring in for the real estate market. At TitlePlus, we’re always looking to the real estate market, and we’ve identified some market trends that are sure to be present well into the new year.
TitlePlus, LLC, is a locally owned real estate title search company serving East Baton Rouge, Livingston, and Ascension Parishes. With 100 years of collective experience, we provide thorough and fast title searches for a worry-free experience. Contact TitlePlus today.
Virtual Tours are Here to Stay
The convenience and safety that virtual tours bring to buyers, sellers, and real estate agents won’t be forgotten any time soon. Virtual home tours offer many people the ability to tour homes from the comfort of their own home or office. It allows people to tour a home from states away and even during their lunch break on a busy workday.
With as many as 46 percent of homebuyers saying virtual tours are very useful in their house search, we highly expect this trend to continue and increase in popularity. While not every homebuyer will be looking to use this technology during their search, nearly half want to, so it’s important to have the option as a real estate agent.
Mortgage Rates are Expected to Stay Low
Chief Economist Mike Fratantoni forecasted mortgage rates would remain low throughout 2021 during the Mortgage Bankers Association’s annual event in October. While the rate is expected to increase from 3% to 3.3% on a 30-year mortgage, it is still exceptionally low for homebuyers and will continue to fuel the housing boom. Loan officers and real estate agents can expect to be busy throughout 2021 as mortgage rates remain low.
Homes Will Still be in High Demand
Homeownership is expected to continue to increase as millennials move from rental properties to purchasing homes. The increase in demand combined with low mortgage rates have builders working to create more supply; however, inventory is not increasing fast enough. With high demand and low supply, those in the real estate industry can expect to stay busy assisting in selling and purchasing homes for their clients. In fact, the typical home was only on the market for three weeks, According to the National Association of Realtors.
As a loan officer or real estate agent, 2021 should be a busy year for you. With a high demand for homes, low mortgage rates, and buyers using technology to their advantage, you may have your busiest year yet! For assistance in closing on homes and mortgage loans, call TitlePlus. We provide fast title searches in as little as a few hours so you can help more clients than ever before. Don’t forget to follow us on Facebook for even more information.