Are you planning on buying a home but, you're also thinking about putting off your decision to become a homeowner until 2021? If so, you've come to the right place!
2020 has been a tough year for almost everyone, but for the real estate market in the Central Valley, this year has been another banner year. We’ve seen home prices go up and demand for real estate remains at an all-time high. The big question is should you plan on buying a home in 2021?
Ultimately, the answer to your question of if you should buy a home or not 2021 remains up to you. We can tell you from experience that the real estate market is hot and it doesn't show any sign of slowing down in 2021.
Forecasting the 2021 real estate market
Thanks to recent data from the government, we know that the Federal Reserve predicts that mortgage interest rates will continue to stay historically low, possibly for the next 2 to 4 years. What does this mean for you? For every home buyer or seller, this means opportunity.
We can expect to see continued growth in the Central Valley real estate market as more people will want to continue relocating to the Central Valley to purchase homes here that are still affordable when compared to other locations in California, or the United States.
Yes, there may be a foreclosure or eviction crisis in 2021 but, for people who plan on buying real estate, this represents a huge opportunity to have more inventory on the real estate market.
Besides wanting to know if 2021 will be a good year for buying real estate, other buyers want to know how a possible change in the United States presidency will affect the real estate market.
The good news is that even though Joe Biden is in a different political party than president Trump, the reality is that most economists don't predict that a Biden Administration will upset the ‘apple cart’ of the US economy.
Since the United States economy is in dire need of jobs right now, it stands to reason that if real estate is one of the few industries that is thriving. President Biden would be more than willing to keep the market moving forward, rather than implementing radical tax increases which could hurt the real estate market during his first year in office.
Contact Valleywide Realty
For more information about the Central Valley real estate market, or to get started with buying or selling a home here, contact us today by calling or click here to connect with us online.