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2020 was an interesting year, to say the least. Perhaps even more perplexing is while the pandemic hit last spring during what is typically the beginning of the busiest time of the year for home sales, it rebounded quickly. 2020 ended with a surge in activity, making up for the slow start in the spring.
While we do not know what 2021 has in store for us, we know now is a great time to buy or sell a house. Whether you are buying or selling a home in 2021, here are some Mid-South real estate trends and forecasts to be aware of this year.
It is definitely a seller’s market. There are more buyers than there are houses on the market, which is great if you want to sell your home. A lot of houses, particularly in the Memphis metro area, are getting multiple offers within the first 48 hours of being listed and available to view. While this makes it challenging for buyers, it benefits sellers. Multiple offers will usually drive the price up and give the seller numerous offers from which to choose.
If you hope to buy a house in 2021, don’t let low inventory stop you. An experienced REALTOR ® will provide professional guidance and a beneficial strategy to make your offer appealing to the sellers. Marx-Bendorf, REALTORS® is experienced at navigating a seller’s market, and we will work hard to get you the house you want.
In 2020, interest rates hit historic lows. With the economy rebounding from the pandemic, experts say that interest rates will start to go back up sometime in 2021. So, now is the time to take advantage of these low interest rates before they begin to rise. Even if you aren’t interested in buying a new house, you can still take advantage of low interest rates by refinancing your current home. And, the low interest rates will help offset the premium prices for those who purchase.
Low interest rates and low inventory tend to cause home prices to rise. That is exactly what happened in 2020 – and the trend continues into 2021. The value of your home has likely increased over the last year, which means you likely have more equity than you did just a couple of years ago. This, in turn, will help you when buying a new home. The more money you can put towards a down payment, the lower your monthly payment will be.
One of our experienced REALTORS® will help you to get the optimal price for your home. REALTORS® are also equipped to help sellers to navigate the home buying process amid rising home prices.
Throughout the pandemic, virtual home tours and closings have helped make homebuying safer and more accessible. In the past year, REALTORS® have become creative, producing virtual tours and videos of homes. They have found other ways to work with buyers during this time when all want to minimize risk of infection. While nothing is as helpful as touring a home in person, virtual tours and videos help people decide whether or not they want to actually go to the home for a tour. This virtual process has likely changed the way people will initially view homes in the future, during the pandemic and beyond.
If you are looking for a home for sale in our Memphis area, or if you are interested in listing your house, call one of our Marx-Bensdorf REALTORS®. We are up to date on the latest developments and trends in real estate, and we will work hard to help you get the house of your dreams or to sell your current home. Or both!
Our firm consists of over 40 experienced licensed agents who know the area. Fill out our online form to get started, and one of our REALTORS® will get in touch with you. We look forward to fulfilling your real estate needs!