One of the many challenges of the last year has been the shortage of homes on the market. If you are searching for a home and are having difficulties, you are not alone. At such unprecedented times, it can be daunting in your search to find your dream home. The National Association of Realtors has even reported that the inventory of homes for sale on the market is currently at an all time low. We can all remain hopeful as we look towards the future, where experts have predicted that more homes are expected to hit the market later this year. Let’s examine the market more closely and look at the factors that will contribute to more houses being listed for sale in 2021.
Sellers last year were faced with a tough choice while contemplating whether or not to sell their home. Homeowners were not selling as much last year, due to many health concerns stemming from the affects of the pandemic. With so much uncertainty, a plethora of homeowners made the difficult decision not to sell. Realtor.com has even reported that they expect sellers to return to the market as we see improvement in the economy and progress against the coronavirus. Entering the market this year will be much more secure with sellers being able to show houses in person and understanding financials more accurately.
New homes are being built at an exceedingly fast rate, with 1 million single family residences being constructed this year. With all the new housing developments and homeowners looking for houses that will meet their changing needs, there will now be more hope for potential buyers.
Experts don’t anticipate many foreclosures coming to the market, now that there are forbearance options afforded to current homeowners throughout the pandemic. Some homeowners who have been impacted economically could potentially need to move this year though.
With fears of the pandemic starting to ease, we are expected to see an increase in the number of houses going up for sale and new housing being developed. Housing demand is high while supply is low, so now could be the best time to make your move in the market. Connect with Seven Gables to learn more about finding your dream home!