What to expect from housing market in 2021. Buyers to move in suburbs for more land with bigger houses for families to include elderly mom and dad, this has been happening from my experience with buyers. This also include in home office due to COVID-19. Currently low inventory with homes flying off the shelves. New construction can't keep up with demand. Many predict the bubble will burst in the market and may cause the nation to fall into a deeper recession in this historical presidential season. Many employees have lost their job in 2020, many are considered essential workers and have the ability to sell their homes and buy larger homes or downsize. Expect in 2021 for many foreclosures and short sales due to millions of job losses and unemployment homeowners could not afford to make their monthly mortgage payment. Many good deals for investor's to capitalize right on the horizon. Expect home prices to rise, renters continue to struggle to survive with little rental assistance through congress. If there is a concern about job stability and renting, stay where you are. We are currently in a seller market.
Currently we have another season to go through this year in 2021 with wearing mask until this virus stabilize with the new vaccine produced and distributed. As cases rises daily it is imperative to follow daily good hygiene procedures even in the simple things such as handling money and pumping gas. This subject is very high on the new President Biden desk with a trillion dollar rescue plan to be unveiled.
To my knowledge in 2020 interest rates were cut at least six times as this pandemic took over the world. This threw the nation housing market into a seller's market. Many first time buyers could now afford to buy a home and sellers have the choice to downsize or buy a bigger home. However this threw the stock market into a frenzy and the price for oil has dropped. New construction can't keep up with demand. Lender's are super busy with new loans and refinancing. This is your time to invest in a home, real estate is the most lucrative investment one can make. If I can be of help as a 17 year seasoned realtor call me today at 407 479-8583 or Facebook Kevin Sells Florida and Kevin Selling Florida.