Housing Market is Hot
There is no doubt that the housing market is hot right now. Sellers who put their house on the market are excited by multiple offers and quick closing dates. Gone are the days when your house went on the market and didn’t move for six months. These are exciting times for sellers who are willing to put their house on the market!
Consider this article in KeepingCurrentMatters.com that discusses the 2021 housing market predictions. According to the latest CoreLogic Home Price Insights Report, nationwide home values increased by 8.2% over the last twelve months. The dramatic rise was brought about as the inventory of homes for sale reached historic lows at the same time buyer demand was buoyed by record-low mortgage rates.
Low mortgage rates have driven buyer demand over the last twelve months. According to Freddie Mac, rates stood at 3.72% at the beginning of 2020. Today, we’re starting 2021 with rates one full percentage point lower than that. Low rates create a great opportunity for homebuyers, which is one reason why demand is expected to remain high throughout the new year.