28 Sep Housing Market Trends 2021
Even though housing supply had already been affected before Covid-19, it became worse when the pandemic hit as people started to look for new homes with the will to move to lesser populated areas or better home offices as lockdowns were implemented all over the world.
Even though the Federal Reserve ensured that mortgage rates stay reasonable, it did not take into account the high prices of houses. All over America, there has been an increase in rates of 17.2 percent in June 2021 as compared with June 2020. This is a record high as a large chunk of houses are demanding more than the asking price. Many cities today are reporting a double-digit increase in percentages in the prices of houses.
The Change in Home Prices
Real estate experts predict that the prices of homes will soon start to fall in most cities as single-family homes gain access to more inventory. The National Association of Realtors reports that unsold houses increased 3.3 percent to 1.25 million within only two months- May to June. This gives us hope and buying leverage that soon, there will be many housing options available to the general public. Mortgage applications are seeing an 18-month decrease and buyer fatigue in the housing market is extremely apparent. More and more sellers are changing tactics to deal with the low buying power and reduced prices.
Buyer Behavior is Not as Risky as Previous Years
Remember the time when the pandemic caused an increase in sales of toilet paper and sanitizers? Similarly, Covid-19 caused a number of people to get involved in the real estate market. As demand for these houses became more widespread, potential buyers have tried their best to outgrow the competition. This has led to strange things happening- buyers have started to leave out contingencies in the sales contract that would have helped protect their money and can make up thousands of dollars. Some buyers have started to dip into their retirement savings, while others have begun to take out big loans so that they can pay cash up-front. However, we predict that this approach will soon be declining. This is because the prices of houses are not flattening as more and more people understand that they might be risking too much. Experts prove that now, buyers are more cautious, and the level of desperation has started to die down.
Forecasts for Mortgage Rates and Housing Prices
Over time, trends have proved that in the fall, individuals have more chances of landing better deals on real estate. However, in 2020, there was an enormous increase in the sales of homes during the fall. What will happen in 2021? Research shows that the demand for houses will cool off in the fall, like all the previous years. This is based on the decreasing home prices and increasing inventory that has been seen lately. Moreover, mortgage rates are expected to rise. Since summer 2020, 30-year and 15-year mortgage rates have been relatively low, staying between mid-2 percent to 3 percent. Even though mortgage rates have hit rock bottom, this will not be the case next year. By 2022, there will be a gradual increase in rates that will help curb demand.
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