What You Need to Know About the 2021 Market
2020 was a tough year for everyone. We found more and more people wanting to sell their homes and purchase homes with additional space. The market was booming, homes sold quickly and interest rates decreased. So, what can you expect in 2021?
- Selling Quickly: Homes will continue to be listed and sold within days or just a few short weeks. What does this mean for you? Well, if you find a home you love, it will be time to move forward with your offer quickly. You may have to sacrifice wants over must-haves. Expanding your search radius will open up more options for you and your family. Be sure to get pre-approved prior to your search as it will help when it comes to making an offer and getting it accepted.As a seller, what does quick sales mean to you? Expect quick offers and multiple offers to come rolling in. Prepare for a fast-selling home; declutter and begin packing items you do not use daily shortly after listing your home.
- Rising Prices: Rising real estate costs means multiple things. Homes within your budget may be limited, which means you may have to increase your budget or search radius to find the perfect home for you and your family. Needs, must-haves and wants will have to be prioritized.
- Commit no more than 25% of your monthly income to your mortgage payments.
- Save for a down payment. More of a down payment lowers your monthly payments and interest rates.
- Use a mortgage calculator to estimate your monthly payments with an interest percentage and cost of a home.
- Plan for unexpected cost additions. A home inspection may bring up unnoticed fixes you will want done prior to moving in. This may be an out of pocket cost.
As a seller, what do the increased prices mean for you? First, a Navarre Real Estate agent will help you price your home to fit with the competition. You can lose out on money by under pricing your home or can have your home sitting on the market for longer than you’d prefer.
- Interest Rates Remain Low: 2020 interest rates had lowered to an all-time low in recent time. This will help with lower monthly payments for home buyers.
If one of your 2021 goals is to buy or sell a home, look no further than Navarre Real Estate Source. Our team is knowledgeable and experienced in home-buying and selling. Call or text us today to begin your real estate journey, 850.259.3861.