Here's what I predict for our real estate market in 2021.
What can we expect from the Triangle area real estate market in 2021?
2020 was an interesting year, to say the least. Lots of industries were decimated, but real estate wasn’t one of them. We saw some extraordinary things happen. Listing inventory, for example, dropped by 50% compared to 2019, which created a huge supply problem. Exacerbating this problem is what economists are calling The Great American Move. Basically, people are moving from major metropolitan areas in droves searching for greener pastures. Raleigh seems to be one of the largest beneficiaries of this trend.
These factors make now a great time to sell, but a lot of would-be sellers are hesitant about putting their homes on the market because they’re not confident about where to move to next. As I said, it’s a great market for sellers, but conditions are working against you if you’re a buyer.
One thing we’ve been very successful at doing for people in this situation is negotiating rent-back periods. This allows you to sell your house, pay off your mortgage, and then rent that house from the new owner so you have time to shop for a new house. This not only takes the pressure off of you to make a quick decision, but it makes you a non-contingent buyer and allows you to make a stronger offer for your next home.
Aside from that, I expect more of the same from our 2021 market. I don’t expect the inventory shortage to get any better, and experts are predicting more record prices with no end in sight. As I said, it’s a great time to sell, and a lot of homeowners have had the better part of a year to decide whether their home is too small or crowded to continue living in it.
If you count yourself in that category or would like to discuss the pros and cons of dipping your toe in the market, don’t hesitate to call or email me anytime. I’d love to speak with you.