Key Takeaways:
- After a crazy competitive housing market in the first half of 2021, experts are optimistic about the second half of the year.
- Experts have given their insight on what will drive the industry going forward, and spoiler alert: mortgage rates and fast-moving sellers are both in the mix.
- The housing market is headed in the right direction, and we want the same for you—contact Linda Craft & Team today to dominate the end-of-year housing market!
Experts Have Expectations for the Housing Market
As we enter the middle of 2021, many are looking forward to future changes in the housing market during the second half of the year. Here’s some insight from experts on which key factors will drive the real estate industry and economy in the coming months.
Seller confidence is on the come-up
Is the end of today’s sellers’ market closer than we think? The answer is well, maybe. Danielle Hale, Chief Economist at Realtor.com, cited a recent survey showing a continued increase in seller confidence, with more homeowners than normal planning to list their homes in the next year. Although this extra confidence doesn’t necessarily mean an official end to the sellers’ market, it does imply there will be less intense competition as buyers have more options to choose from.
Heightened seller confidence can partially be attributed to the COVID-19 vaccine. As the National Association of Realtors explains, sellers may be more likely to list and show their homes to a population who’s mostly vaccinated at this point in the year.
Mortgage rates are also on the rise
We’ve already seen mortgage rates increase earlier this year, and experts forecast they will continue to rise through the end of this year and into the next year, too. Freddie Mac estimates that, “the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”
Some things never change, though…
Homes are selling quicker than ever in what is traditionally the fastest-moving time of the year. However, 2020 broke tradition, with homes selling slower in the spring and fastest in September and October. While the experts at Realtor.com still expect fall to be competitive, they predict this year’s seasonal pattern will be more normal, with homes selling fastest from now until mid-summer.
Wanting to Buy or Sell? Let Us Help!
Experts are optimistic about the market statistics for the second half of the year—and so are we! Linda Craft & Team know firsthand how hot the Triangle real estate market is, and we want you to get in on the action. We can help you navigate this year’s housing market and answer any questions you may have. Give us a call at 919-235-0007 to get personalized advice from your very own Triangle real estate experts!