In 2020 the housing market faced a lot of uncertainties. The coronavirus pandemic turned the entire housing market on its head at some point. However, data suggests that there had still been an uptick in consumer activity. A lot of people were still finding ways to make buying a home possible. The way homes were marketed and sold was greatly affected. Marketers turned to digital solutions and heavily relied on online conferencing apps to create meetings without physical interaction. With the widespread availability of COVID-19 vaccines looming, there’s a lot to say about what the housing market will be like in 2021.
Housing market projections for 2021
The housing market for buyers
The flourishing housing market came as a surprise to industry experts especially during a time of crisis. Experts were preparing for a crash. However, the opposite had happened. Due partly to low mortgage rates, many people were still interested in buying homes and properties despite the pandemic. Data from Freddie Mac last December that 30-year, fixed-rate mortgage rate was at 2.67% which was 1% lower than the average rate in 2019. With that said, it is expected that people will continue to take up the opportunity to find a home especially when mortgage rates are at a historic low. If you plan to purchase your first home in the midst of a pandemic, always consider hiring an expert like Full Potential Real Estate.
The housing market for sellers
Demand for homes actually spiked last year. There has been a low supply of homes in the market in late 2020. This is primarily due to the fact that there is lesser movement as homeowners choose not to relocate. Most people with adequately-spaced homes have chosen to opt-out from selling their homes. Since online learning and work-from-home setups have become a major trend, a lot of homeowners no longer felt the need to relocate. This trend is likely to continue. Also, a lot of home buyers are opting to buy properties in the suburbs where space is more abundant. As for homeowners looking to sell their home, it is best to consult a real estate agent for a fair valuation of your property.
Renting in 2021
The rental market is one area that’s been greatly impacted by the pandemic. According to data last December 2020, only 75.4% of apartment households made a full or partial payment which is a considerable drop from 80.4% from the previous month. However, the outlook remains positive as a nationwide vaccine rollout is underway.
New housing construction
With the strong demand for homes, construction and development is eyed to increase later on this year. According to data, planned construction of homes has gone up since November. According to realtor.com, new construction and development for 2021 will see an increase of 9% compared to 2020. In general, the Myrtle Beach real estate market is still looking positive and 2021 might be better since the vaccines for COVID-19 might be rolled out sometime this year.
Are you looking for a home or planning to sell your property? Get professional assistance from a reliable real estate agent in Myrtle Beach. Call Full Potential Real Estate today! You may reach us at (843) 236-0203.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577