|With peak buying season upon us, here’s what analysts are expecting to see this year:
Increasing Mortgage Rates
Inventories Could Increase
Some analysts are expecting to see increased inventory this year. As more people become vaccinated and a general sense of stability returns, home sellers who were deterred from making a move in 2020 will be more likely to list their properties.
Millenials are starting to buy their first homes, and they will likely drive the market throughout 2021. A recent survey from the National Association of Home Builders found that 27% of millennial respondents planned to buy a home in the next 12 months, up from 19% the year before.
The Online Trends Are Growing
3D home tours, virtual agent/broker teleconferencing, and online closings aided by tools like DocuSign are all ways that technology is facilitating a simpler home selling or buying experience. Regardless of the state of the pandemic, the convenience afforded by online real estate technology is here to stay.