What can homebuyers expect in 2021? From inventory and mortgage rates to COVID-19 precautions, here’s everything you need to know!
It’s a new year, so why not start the next chapter of your life in a new home? Understanding the real estate market landscape is crucial to finding your dream home for the best price and smoothly navigating the home buying process. Let’s take a look at what homebuyers can expect in 2021.
There’s Still an Inventory Shortage
Lake Mary and surrounding areas are still experiencing an inventory shortage, especially in the low to mid-price ranges. This makes for a competitive market. When you know you have found the one, you need to jump on it. Also, buyers need to be flexible. With the likelihood of multiple offers on the table, adding contingencies (e.g., your current home must sell first) will make the seller less likely to accept your offer. Instantly find out what your home is worth with our home value calculator!
Expect a More Virtual Experience
During the pandemic of 2020, the real estate industry adapted by implementing technology that allows the home buying process to take place remotely. Due to an ongoing effort to make buyers feel comfortable and the convenience it affords, these processes will continue throughout 2021. Here is what you can expect:
- Virtual home showings (Many sellers offer both and allow potential buyers to choose which they are more comfortable with)
- Video meetings during the buying process
- Digitally signing documents
Low Mortgage Rates
2020 saw historically low mortgage rates, and fortunately for homebuyers, these low rates are expected to stick around. The average for a 30-year fixed-rate is expected to hover around 3% in 2021. This is slightly lower than the average of 3.05% in 2020. However, it doesn’t mean you should choose the first lender you visit. Do your research to ensure you are getting the best deal.
Is Now the Time to Buy a Home?
Yes, absolutely! With rock-bottom mortgage rates, there has never been a better time to find your perfect Central Florida home. Knowledge is power, and understanding what homebuyers can expect in 2021 is the first step in your home buying adventure. As the leading Realtor in Lake Mary, Gitta Sells will make sure you are fully informed about the market and know what to expect throughout the process. Our team will be with you every step of the way until the keys to your new home are in your hand! Contact us today to get started at firstname.lastname@example.org or 407-330-2181.
We look forward to hearing from you!
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