Austin Top 50 Realtors- When it comes to purchasing a home, it’s almost like a sport in the sense that you will need to come to an understanding of the rules and ensure that you are in proper shape prior to stepping out onto the field, and from there, successfully navigating through all of the challenges in order to achieve victory. Now that the year 2021 is officially upon us, it’s important to understand how you are able to measure up against factors such as lender qualifications, competing against other buyers, and being able to get through a homebuying process that is more socially distanced until the ongoing COVID-19 pandemic comes to an end thanks to vaccines.
Here are three things that you should expect when it comes to purchasing a home in 2021.
*First and foremost, one of the most important things to expect is that homebuying will largely rely on tools of a digital nature. During 2020, purchasing a home is a process that became much more challenging due to the pandemic; however, professionals such as lenders, buyers, sellers, and real estate agents were able to successfully determine exactly how to make the process work even with social distancing, and it was all thanks to processes such as e-closings, virtual home tours, Zoom meetings, and smaller-sized open houses. It’s also important to note that regulations involving social distancing vary depending on the city, county, and state in which you currently reside, and once vaccines are able to successfully be distributed, these are expected to loosen up.
*Another important thing to expect in terms of purchasing a home in 2021 is that there will be more buyers than there will be homes for sale. In the event you are able to locate a home that is both in good condition and reasonably priced, there is every chance that you may not be the only individual who will be making an offer on the property. This will especially be the case if the home has just been placed on the market. When it comes to buyers, flexibility is absolutely essential, which means that you will more than likely have to make some sacrifices. For instance, it will be hard to win over a seller who is tough in a strong market if you were to make the purchase offer itself more contingent on the sale of the home that you currently live in. However, it’s also important to understand all of the risks regarding any concessions that you may offer. Never make any concessions that you aren’t able to afford.
*One other important thing to expect when it comes to purchasing a home in 2021 is the fact that home prices are expected to increase. In fact, according to real estate experts, home prices will increase in 2021; however, they won’t increase as quickly as they did in 2020. Current forecasts show that existing home prices are projected to increase 3.1% as opposed to the 6.7% increase that occurred in 2020. Of course, home prices themselves vary depending on the season, meaning that whenever you choose to purchase a home will be able to impact the overall price that you pay. For instance, homes tend to be the most expensive in June and July, while they’re typically cheaper in January and February. Additionally, active listings are also higher during warmer months, meaning that there will be more available to choose from; however, it’s also important to note that overall demand is also higher during these times, meaning that the homes will sell more quickly.
If you are in the market for buying or selling a home, reach out to the Barton Harris group at Weichert Realtors.