The year 2020 might have hit homeowners trying to sell their properties around the U.S. harder than expected, but 2021 might change that.
The 2021 market will mainly be for sellers, which means buyers will have more options when finding their dream home.
The downside of the 2021 market for buyers is that interest rates and prices are predicted to increase, according to Realtor.com’s 2021 housing forecast.
“The 2021 housing market will be much more ‘normal’ than the wild swings we saw in 2020. Buyers may finally have a better selection of homes to choose from later in the year, but will face a renewed challenge of affordability as prices stay high and mortgage rates rise,” said Danielle Hale, chief economist for Realtor.com.
Mortgage rates could rise to 3.4%.
Home sellers are on the positive side of this real estate spectrum. Coming out of 2020, there is expected to be