Fall 2021 Housing Market Predictions
As we welcome the fall season, it brings many changes, including new housing market trends that started in 2020 and carried over into 2021. People are thinking about 2021 as a way out of their current living situation or an opportunity for investment purposes. We'll take a look at some of these upcoming trends so you can make your own decision best-suited for this changing environment.
The hot seller's market has never been more competitive. With so many homes going for over the asking price, it is no wonder that home prices were at an all-time high with 17% growth in June 2021 compared to 2020. Real estate agents believe there's plenty of time for prospective buyers to celebrate because they can breathe easier as prices remain stable. With more inventory becoming available, it is predicted that we'll see fewer fluctuations in some areas - giving you peace of mind knowing your purchase will go smoothly.
According to a recent article in Forbes, demand will return to its usual cooling-off period in the fall, with the recent expansion of inventory and declining home prices. Also, expect mortgage rates to increase as we head into fall and the new year.
The housing market is changing, and the economic forecast for 2021 shows that it will continue to do so. With Ohio First Land Title on your side, you can be assured of a smooth property purchasing process no matter what the future holds. So don't hesitate; contact us today to get started!