Most of us in the Midwest can’t wait until all the snow melts away and spring brings warmer temperatures and blooming flowers for us all to enjoy! But the weather won’t be the only thing heating up this spring in Missouri, as the real estate market is predicted to be hot, hot, hot with a big boom in sales within the next few months.
Experts Predict a Strong Real Estate Market in Spring 2021
With such an unpredictable year behind us in 2020, it is wonderful news to know that real estate experts are predicting a strong housing market in 2021. The combination of interest rates remaining low, a recovering job market, and the supply/demand of homes for sale in most markets indicates that real estate sales are expected to flourish! The housing market will definitely heat up in Missouri this spring – so get ready.
What Does a Hot Real Estate Market Mean for You?
A hot real estate market means different things for buyers and sellers. One thing we can definitely be sure of is that whether you are looking to buy or sell a home this spring: the market will be competitive.
Real estate sales predictions for 2021 include increases in the existing home sales by 9%, newly built home sales up 21%, home prices up 8%, and interest rates remaining at an all-time low at around 3% on 30-year fixed rate mortgages.
Here is what real estate experts expect to see as we head in to the next few months of 2021.
What Can Home Buyers Expect from the Spring Real Estate Housing Market?
With more buyers seeking homes than there are people selling them, the market will definitely be a competitive one. While that may seem a bit discouraging, the interest rates are expected to stay at record lows meaning payments will be less. In many cases, this means that you may even be able to afford a more expensive home since lower rates equal lower monthly payments.
What Can Home Sellers Expect from the Spring Real Estate Housing Market?
Sellers should have an extremely optimistic outlook about listing their homes for sale in 2021. The spring real estate market is expected to bring tons of buyers. This, combined with the fact that there are not many home sellers to compete with, makes it a true seller’s market. An experienced Realtor will be able to help you sell your home quickly and for the most money.
A Strong Real Estate Market in 2021 and Beyond
While we cannot predict the real estate housing market with 100% accuracy, we can definitely listen to what market experts have to say about what we can expect to see in spring 2021 and beyond. The outlook for 2021 is quite positive and does not show any signs at all of problems with the housing market within the next two years. The predicted home price increase of 8% in 2021 and 5.5% in 2022, means that the real estate market looks strong. As new buyers continue to search for new homes during a time when there is such a low inventory of homes for sale, the prices of these homes as well as the number of homes sold will continue to increase.
Contact Mid-America Mortgage for Your Missouri Home Purchase This Spring
Mid-America Mortgage is here to help you own the home of your dreams. It is important to be pre-approved when searching for homes for sale in a competitive housing market. Our team is friendly, knowledgeable, and will work with you to make your mortgage approval as stress-free as possible. Contact Mid-America Mortgage today to realize your dream as a homeowner!