After a year like 2020 where the world stopped and everyone was "locked up" in cases waiting for the pandemic to pass and looking to the future hoping that it will be better.
With that said 2021 will be a year to remember for many reasons, and optimism is something that has been in short supply since the spring.
We are still experiencing a global pandemic, social unrest, economic downturn, and natural disasters, just to name a few. The challenges brought on by the health crisis have also forced many homeowners to reassess their space and what they need in a home in 2021.
With so many changes and events in 2020 experts predict this year will be a year full of optimism, we see the speed with which vaccination is happening in the United States and so we see three key reasons to remain optimistic about the real estate market in the United States
1. The economy will continue to improve as vaccination progresses in many countries
Tim Duy, from University of Oregon, puts this form:
There is nothing fundamentally 'broken' in the economy that needs to be healed ... there was no obvious financial bubble driving excessive activity in any sector economy when the pandemic hit ... With Covid-19 cases rising again, it is understandably difficult to look optimistically to the other side of this winter ... Don't let short-term challenges distract from the economic picture being set for the next four years.
2. Forecasts show that we will have low interest rates during 2021
The latest projections from Freddie Mac, interest rates for a 30-year fixed-rate mortgage are expected to remain at or near 3% during 2021. These low rates will continue to make housing more affordable, boosting the demand for housing in the United States in 2021.
3. Home sales will grow in the future
While the economy improves and interest rates remain low, homes should also continue to appreciate in value as more people buy in 2021, and extremely low inventories help the process of home appreciation in the United States. Danielle Hale, Chief Economist from realtor.com, says:
"We expect home sales in 2021 to reach 7.0% above 2020 levels, following a more normal seasonal trend and gaining momentum through the spring and sustaining the pace in the second half of the year."
SUMMARY
2021 has begun, vaccination is progressing here in the United States and in many countries, and experts predict that real estate buyers and sellers will be active in 2021. If you have thought about buying or selling your home this year, but haven't done so, now may be the time to take advantage of this market. We at The Florida Lounge are happy to talk to you about the opportunities in the Florida housing market.
Are you in doubt?
Now that you know a little more about how the housing market in Orlando should behave in the year 2021. We can help you understand the behavior of the real estate market so you can consider investing in vacation homes in orlando. To take advantage of all the tips we have brought to you and to go even deeper, you can talk directly to our relationship agents. They are always happy to talk to you with any questions you may have about investing in Florida.
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