As we head into the Summer of 2021, many wonder if big changes are coming to the housing market. Here are what some experts have to say about the main factors that will push the industry and the economy ahead in the months to come.
“. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring and fastest in September and October. While we expect fall to be competitive, this year’s seasonal pattern is likely to be more normal, with homes selling fastest from roughly now until mid-summer.”
National Association of Realtors (NAR)
“Sellers who have been hesitant to list homes as part of their personal health safety
With so many buyers looking for homes to purchase and so few houses available today, there’s a substantial increase in bidding wars, and homes are selling fast. According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), houses on average are receiving over four offers from buyers, and they’re selling in less than three weeks.
During normal housing markets, renovations are an important way to add value to a property. However, with so many buyers competing for such a low supply of available homes right now, renovations may not be as critical as they normally would.
1. There aren't enough homes for sale right now.
A normal market has a 6-month supply of houses for sale, but today’s housing inventory sits far below that benchmark. According to the National Association of Realtors (NAR), there’s only a 1.9-month supply of homes available today. As a result, buyer competition is high, and homes are only on the market for about 21 days, during which time many receive multiple offers from hopeful buyers.
In this market, it may be wise to let future homeowners remodel the