The coronavirus pandemic caught everyone off-guard, ruining what could have been a great 2020 for everyone. Millions of Americans were confronted with this new reality of wearing face masks and working from home. Everyone struggled to adjust to the “new normal” set by the government. However, some industries showed their resilience despite the difficult times. Even with what seems to be another difficult year, things are still moving along. There’s a silver lining to every cloud and that holds true for the real estate market. Experts are saying that 2021 holds opportunities for those who are looking forward to buying a home.
Reasons why industry experts say 2021 is a good year for buying a home
Mortgage rates have plummeted to all-time lows
It comes as no surprise to see mortgage rates falling and hitting the bottom margin and falling to all-time lows. According to market data, in April 2020, the average rate on a 30-year fixed-rate mortgage saw a huge drop, falling in at just 3.4%. Industry experts say that this effect is a boon for those looking to buy or refinance since the lower rates can help lower monthly payments, saving the home buyer thousands of dollars in the entire course of the mortgage.
However, this does not eliminate other hurdles such as stricter lending requirements as banks and other providers tighten qualifications. The housing inventory has also hit a near standstill as homeowners become more cautious about selling their property in fear of missing out on a good deal and having to deal with current changes.
On the other hand, experts remain optimistic about this year’s momentum as the housing market started off 2021 on a positive note. Buyers, however, will need to comply with lending requirements and hire a Myrtle Beach real estate agent to ease the stresses of the entire process.
More buying opportunities to come for home buyers
According to TheClose.com managing editor, Emile L’Eplattenier, current real estate values are “lagging indicator of market shocks” which means more downturns are coming. Since the stock market along with many industries are affected, the real estate market is yet to experience more shockwaves. Waiting a few more months before purchasing will come with its own perks. But then again, all of this is speculation until things come to pass. While it may present itself as a challenge for people selling a home, buyers will greatly benefit. Hiring a buyers agent has never been more crucial.
Is it the right time to buy a home?
There are many uncertainties during this period. However, it will help to seek the expertise of a company like Full Potential Real Estate in such times. At the core of it, housing prices, as well as mortgage rates, will likely continue falling. The only way to be able to utilize all of this is to ensure stable finances. The real problem lies with financial security. Overcome such a hurdle and you can enjoy the current state of the market and shop for your dream home.
Are you planning to settle down in Myrtle Beach? Get help from Full Potential Real Estate. Your dream home will be easier to find. You may reach us at (843) 492-4537.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577