Stay On Top Of The Game With These 2021 Real Estate Trends
Since the COVID-19 epidemic, the housing market has been steadily increasing in strength. Home prices increased dramatically, buyer demand increased, and mortgage rates fell to record lows. As a result, housing has emerged as one of the few bright spots in an otherwise difficult time period.
It’s crucial to keep an eye out for several other developments in the real estate industry as well. Let’s get started with the current real estate trends:
Increased Costs Of Rent
There are now record-high rents because of the eviction ban’s termination. Between August 2020 and August 2021, they increased by 11.5%, the first double-digit increase. Numerous U.S. communities have rents that exceed the cost of a starter house.
Slower Home Buying Rate
Competition appears to be easing off. Perhaps it’s the beginning of a new year, the prospect of rising mortgage rates, or just purchasers who’ve had it with the market for too long. There’s something about today’s market that makes it simpler to buy a property.
Home Buying Costs Are Increasing
Home prices increased over 20% in the first months of 2021 compared to the previous year, reaching a national average of $300,000–400,000.
It’s possible to make a substantial profit in the near future. And that’s a good thing since you’ll need the additional money when you go to buy your next property. To achieve the greatest price for your property, deal with a real estate agent familiar with the market in your area.
Affordability
Housing prices vary widely depending on where you’re house hunting. Still, generally speaking, it’s more affordable to buy a home than rent one! Renters spend an average of $15k/yr while owners only pay around half that amount. That means if you plan on living somewhere for seven years or longer – it’ll actually be cheaper to buy than rent!Â
Low Rates Of Interest On Mortgages
Recently, the national average for mortgage interest rates has been exceptionally low. In fact, the average 15-year fixed-rate mortgage rate fell to 2.2% in January 2021, the lowest level in nearly 3 decades.
Foreclosures Are Increasing
Lenders rushed to take advantage of the expiration of the ban on foreclosures. This month showed a 27% increase in the number of foreclosure filings compared to July. They grew by 60 percent in the year.
Not Selling Or Buying?
Even if you’re not selling or buying a property, you should be aware of a few things—Equity most probably won’t decrease in the following months, a real estate market crash looks unlikely, and since home prices have experienced rapid growth over the past few years, some buyers may be less picky.
Trust Your Home To Home Buyers OKC
Regardless of whether you’re looking to buy or sell, you should contact Home Buyers OKC. With their expertise spanning over 10 years in the home buying industry, we’re Oklahoma City’s premium cash home buyers as well as top real estate agents in OK
We’ll be able to give you a fair and honest cash offer for your home. You won’t have to worry about renovations or repairs; we got that covered. You don’t have to keep wondering, “how can I sell my house fast in OK?” Call us or visit our website for more information!