Locke Associates Real Estate Blog
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Bottom line, there simply are not enough homes available to meet today’s buyer demand. Homes are selling just as quickly as they’re coming to the market. The housing inventory is at a record low. A “normal” housing market, typically has a 6-month supply of unsold inventory to balance out.
With so few homes available, we are truly in a sellers’ market. If you are a homeowner and you are ready to make a move right now, you have the opportunity to negotiate the best possible contract with buyers because the market is so competitive. On average, homes are going under agreement in less than a month and home prices are rising. In some cases, buyers are waiving contingencies, such as, inspections, appraisals and paying cash to give them more of a competitive advantage.
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In a year when we’ve learned how to do so much remotely, homebuying is no exception. Digital practices have simply changed the way that we live and operate in today’s world.
This year, rather than delaying their home purchases, buyers- alongside their trusted Real Estate Advisors have turned to the Internet to do more than just your “typical” home search. In some cases, a lot of homes were purchased sight-unseen, meaning the houses were purchased without the buyer even stepping foot inside. According to the National Association of Realtors, throughout the COVID-19 Pandemic, 1 in every 20 homebuyers purchased a house sight-unseen.
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The 2020 Real Estate Market has high Buyer Interest and Low Housing Inventory. With numerous buyers competing for a limited number of homes, it’s more important than ever to know the ins and outs of making a solid, competitive offer.
Here are five keys to success for this important stage in the home buying process.
Read more: 5 Tips for Homebuyer's Competing in the 2020 Market
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This week's blog post is about Brian Buffini's Bold Predicitons 2021. The content comes straight from the Buffini & Company Website. We encourage you to check it out and see what Brian predicts for the 2021 Real Estate Market. If you prefer to listen to the podcast, you can listen to it on "The Brian Buffini Show."
Every year in his Bold Predictions broadcast, Brian predicts what lies ahead for the real estate sector. As part of this year’s broadcast, he interviewed Dr. Lawrence Yun, Chief Economist at the National Association of REALTORS®. Dr Yun provided some powerful insights into the current state of the market and what the future holds for the industry in the next 12 months. Here are some of his top takeaways:
The Market Is Healthy
Despite enormous challenges related to Covid-19, housing has shown remarkable resiliency in 2020. The continuation of a recovery in the jobs market, coupled with record–low mortgage rates, will have a positive impact in 2021. Furthermore, there will be new demand for housing arising from remote–working flexibility, as some people look to trade up to a bigger home or move out of the more densely populated areas and into the suburbs. Taking all of this into consideration, as well as the constraints of the ongoing inventory shortage, Dr. Yun predicts that home sales will rise between 5 and 10 percent in 2021, with prices increasing between 3 and 5 percent.
Relationships Are More Important Than Ever
Many people who were not considering buying or selling a home before the pandemic are mow reassessing. Being at home much more means people are re-evaluating their situation and coming to the conclusion that they want more space, an extra bedroom or a home office to work in. Dr. Yun suggests that agents get in touch with their past clients to see if they need help considering their options when it comes to a home that better meets their changing needs and lifestyle. The trust factor will be key here – if you have developed solid and trusted relationships with your clients and served them exceptionally well in the past, they will want to hear from you now.
Training Is Key
In a crowded marketplace, those with professional training stand out. 100 Days to Greatness is the most comprehensive, step-by-step training program ever created for the real estate industry. Developed by Buffini & Company in partnership with the National Association of REALTORS®, the course guides agents and brokers through proven systems to launch a career in real estate, teaching them how to leverage their time, money and energy and be successful in just 100 days.
After an unprecedented 2020, real estate professionals must be extra–prepared for what 2021 has in store. In his annual Bold Predictions broadcast, Brian analyzes the most comprehensive research and data available to help agents successfully navigate upcoming changes, capitalize on future opportunities and maximize success in 2021. To learn more, listen to the latest episode of “The Brian Buffini Show”.
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Read more: Pending in 6 Days!!! 233 Lovell Heights Road, Wakefield, NH 03872