When Covid-19 hit before the spring market last year, no one could have predicted the craziest housing market ever would follow. 2020 real estate saw historic demand for homes fueled by once-in-a-lifetime low mortgage interest rates. Price appreciation soared due to high demand consuming supply at a frantic pace, which leaves us with 45% less inventory to begin 2021 than we had a year earlier.
Low inventory and high demand will continue to set the tone for an even stronger real estate market in 2021.
Remote work opportunities will make homes with features such as home offices, high-speed internet connections, quiet yards that facilitate outdoor office work, and proximity to coffee shops and other businesses that offer back-up internet more appealing.
The price of homes in North Atlanta is expected to outpace the national increase of 5.7%. We may see 7% – 10%+ price appreciation in 2021.
The pace of single-family home sales is predicted to grow 21.9% over the volume of transactions last year. 2021 will be the biggest annual sales growth since 1983.
Mortgage rates are forecast to average 3.2% throughout 2021, continuing to make buying power stronger.
Covid continues to hang over the industry and the economy as a whole, however, real estate will not collapse as it did in the last great recession of 2008. The industry has adopted safety and technology to ensure buyers and sellers are protected as they navigate the real estate market.
Buyers will need to be more prepared than ever to win in 2021
When your agent asks if you’re pre-qualified, it’s because that step is more important than ever before. Getting pre-qualified will be an essential requirement, or sellers may not even let you waste a valuable tour slot to see their home, much less make an offer. Sellers will receive many showing requests due to high demand and are likely to get multiple offers within weeks, if not days, of listing on the market. Buyers will need to stand out as prepared and ready to close in order to have a chance of getting a tour opportunity to secure the right home.
“Buyers will need a team of support that includes a Real Estate Specialist with unique strategies to help them win, and an amazing Local Lender to ensure they have the best opportunities to get the home they want in the hyper-competitive market of 2021,” says Becky Babcock, CEO/Owner of Path & Post.
Sellers will need the best in digital marketing to capture the attention of the right buyer
The buyer demand frenzy begins online and if your home is not positioned in the best light possible, you risk being passed over for competing listings or leaving money on the table. Design studio marketing including 3D Tours, floor plans, drone visuals, and preferential search results are key differentiators to make your listing stand out to optimize results. Not only do you want to capture the attention of buyers, but you want to make sure the right buyer makes an offer. Choosing between multiple offers can be tricky. Sometimes the highest price offer is not the one most likely to close and net you the most money.
“Having a Real Estate Specialist compare and evaluate all options will be your best way to make sure you accomplish what matters most for your move in 2021.” says Brad Nix, COO/Owner of Path & Post.
Path & Post continues to invest in the client experience
Path & Post Real Estate concluded 2020 with over 320+ transactions and is in a position to finish among the top agent teams in the country again. To continue providing elite service, Path & Post has hired a new Client Care Manager along with several Real Estate Specialists to deliver their 5-Star Service standard to local buyers and sellers.
Talk to a human any day of the week about your real estate needs.