With the year ahead of us, here’s a look at what may happen in our market.
After a brief holiday hiatus, I’m back with the first “This Week in Real Estate” update of the new year. The numbers from our December market are finally in, so we’ll start by analyzing how 2020 ended and how that positions us here in 2021. Our market has remained strong overall, but, there were 19% fewer listings recorded in December 2020 than in December 2019; low inventory and high demand continue to clash, ensuring a general upward trend for home prices. You may have heard alarming predictions of nationwide foreclosures sweeping our market off its feet, and while we have reason to believe such a concern could be exaggerated, it merits exploring the real risks facing American homeowners who are stuck in forbearance.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety, or use these timestamps to browse specific points at your leisure:
0:37 — What do the stats for December 2020 tell us about our market?
1:15 — The number of listings is down 19% year over year
2:30 — Buyers are plentiful in our market, but they’re still a bit picky about condition
3:30 — An update on the mortgage world: Mortgage delinquencies were down as of November
4:30 — What we could expect to see if nationwide moratoriums get lifted in February
5:45 — Wrapping up this edition of “This Week in Real Estate”
As always, if you or someone you know is looking to buy or sell property soon, don’t hesitate to reach out via phone or email; I’d love to be your real estate resource and help you achieve your 2021 goals. I look forward to hearing from you soon!