2020 was a year of milestones, and this information is well known. In 2021 we are set to see another year of monumental markers. During this past year, we saw the Coronavirus, record low-interest rates, and first-time homebuyers dipping their toes into the housing market which caused price growth to remain strong throughout the year, despite economic uncertainty. The growth continued right into 2021 and the growth is experiencing its first double-digit annual appreciation since November 2013. In January 2021, we experienced a 10% growth. As we look forward to the rest of 2021, we may expect to see challenges for some prospective homeowners.
Entry Level homes remain in short supply
Homes that are priced below 75% of the local median price had a 14% annual appreciation, negating most of the benefits of record-low mortgage rates. When interest rates rise, the affordability squeeze for first-time buyers will become even more of a challenge.
The prediction
It is predicted that home prices will rise on a month-over-month basis by 0.5% from February 2021 and by 3.3% for the 12 months ending in January 2022.
The good news is that...
The good news is that your home could sell for top dollar during the fierce competition of the market. With hungry buyers, the spring housing market is set to be a competitive one. Why, not give your home a quick, budget-friendly makeover to help present it above and beyond your competition. Homes that sell fast are those that automatically capture a buyer’s attention. Listed below are the trending, budget-friendly updates that buyers are searching for while house hunting.
Upgrade your builder quality chandeliers.
Replace your drawer pulls and cabinet knobs.
Upgrade to luxury vinyl tile.
Install a smart home system
Install an outdoor kitchen
Swap out your entry door
Reface your cabinets
Consider making these small updates to your home. You may be pleasantly surprised by the return that you get on your investment. Are you ready to list your home and ready to start looking for your next home?
Contact today to receive your pre-approval letter
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