2021 Real Estate Market thoughts moving forward from my crystal ball (which has been known to have a crack or two).
Obviously the U.S. economy is expected to grown 2021. With last years dire circumstances affecting our economy it was obvious that things were going to contract. The latest from forecast groups are predicting anywhere from full year GDP growth of 4.8% to a high of 6.7% The upgrade of the full year 2021 estimated growth can be attributed to a lot of items however there is no denying the impact from the greater than expected increase in consumer spending during these harsh winter months. Not too mention the impact from the Real Estate market. Both the sheer volume of refinances as well as the vast herds of purchasers in the market place looking (rightly so) to take full advantage of these low interest rates. More than likely we will see a slowing in the whole Wuhan virus throughout 2021 which will also help to move the recovery forward at a much faster pace. The downsides to a strengthening U.S. economy will be absolutely felt. Especially in areas like higher interest rates (the Government along with the banking industry love their money), stronger inflationary pressures as things were artificially suppressed due to the pandemic, also the new administrations policies will go into effect most likely moderating the 2021 pace of the Real Estate marketplace and the current tightening inventory will most likely be somewhat offset by the increase in those sellers looking to avail themselves of the current economic conditions before they disappear. If 2020 will be remembered as the year of the virus then 2021 will most likely be remembered as the year of the recovery. While there are a ton of unknowns facing us this year one thing is absolutely certain……these great housing times will not last forever. Contact us today to see how we can assist you in achieving your Real Estate related dreams. Team makes the dream work and we are ready to work with you as a team!
Published by Richard Rivero