Where’s the Housing Market Headed?
What’s hotter than Florida in mid-July? The housing market in 2021! As we head into what is typically the busiest season for real estate, many are wondering how the market will continue to perform. Here’s what the experts are saying about the factors they have identified as key players in the housing industry.
“Going into spring, mortgage interest rates have trended upward, but still remain low from a historical standpoint. On April 8, Freddie Mac reported the average interest rate for a 30-year, fixed-rate mortgage was 3.13%.”U.S. News (Devon Thorsby)
“We forecast that mortgage rates will continue to rise through the end of next year. We estimate the 30-year fixed mortgage rate will average 3.4% in the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.”Freddie Mac
“Sellers who have been hesitant to list homes as part of their personal health safety precautions may be more encouraged to list and show their homes with a population mostly vaccinated by the mid-year.”National Association of Realtors (NAR)
“Surveys showed that seller confidence continued to rise in April. Extra confidence plus our recent survey finding that more homeowners than normal are planning to list their homes for sale in the next 12 months suggest that while we may not see an end to the sellers’ market, we might see the intensity of the competition diminish as buyers have more options to choose from.”Danielle Hale, Chief Economist at realtor.com