We’re just days away from the new year and we’re all glad to put 2020 behind us! There will be much to look forward to in the coming months, and we are excited to report one of them is the real estate market!
As your local real estate experts in Metro DC, we are including below three of the most important reasons we can be optimistic about real estate in 2021.
The economy will only improve
According to Tim Duy from the University of Oregon, “There is nothing fundamentally ‘broken’ in the economy that needs to heal…there was no obvious financial bubble driving excessive activity in any one economic sector when the pandemic hit…With Covid-19 cases surging again, it is understandably hard to look optimistically to the other side of this winter…Don’t let the near-term challenges distract from the economic stage being set for next four years.”
Interest rates will stay low
Mortgage rates hit all-time lows more than five times in 2020 and they are projected to remain low as we head into the new year!
In the latest projections from Freddie Mac, interest rates for a 30-year fixed-rate mortgage are expected to remain at or near 3% next year. Not only will these low rates continue to make homes more affordable for Washington DC area buyers, but they will drive more demand for housing in 2021.
Future home sales will grow
According to Danielle Hale, Chief Economist at realtor.com, “We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year.”
Both buyers and sellers in Bethesda, Chevy Chase, Washington DC, and the surrounding communities are expected to be active in 2021, so don’t wait if you have a move you’d like to make or real estate goal to achieve!
Ready to get a jump on your home search in the DC Metro right now? Give The Estridge Group team a call or reach out via email!
We look forward to working with you in the new year ahead!