Friday, January 1, 2021 / by April Griffith
As your local real estate experts in Delaware and Pennsylvania, the Kat Geralis Home Team is including below three of the most important reasons we can be optimistic about real estate in 2021.
The economy will only improve
According to Tim Duy from the University of Oregon, “There is nothing fundamentally ‘broken’ in the economy that needs to heal…there was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit…With Covid-19 cases surging again, it is understandably hard to look optimistically to the other side of this winter…Don’t let the near-term challenges distract from the economic stage being set for next four years.”
Interest rates will stay low
Mortgage rates hit all-time lows more than five times in 2020 and they are projected to remain low in 2021!
In the coming year, we can expect the economy to improve and mortgage rates to stay low, but we can also expect homes to continue appreciating as more buyers purchase homes in 2021!
According to Danielle Hale, Chief Economist at realtor.com, "We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year."
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