January 1, 2021
What Does 2021 Hold In Store for Northern Colorado Real Estate?
The NoCo housing market was a shining star in 2020, fueling the economic turnaround locally as well as throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.
Lawrence Yun, Chief Economist, National Association of Realtors [NAR]
“In 2021, I think rates will be similar or modestly higher, maybe 3%…So, mortgage rates will continue to be historically favorable.”
Danielle Hale, Chief Economist, realtor.com
“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”
Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders [NAHB]
“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”
Mark Fleming, Chief Economist, First American
“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.”
Bottom Line
If you’re even considering buying or selling a home in 2021, it would be wise to get started this winter.
If you’re selling, inventory is very low, houses are selling fast and frequently attract multiple offers. If history holds true, this spring will result in many homes being listed, giving buyers more options from which to choose. Now is a great time to list your home!
If you’re buying, it’s also wise to get started now! More people will be entering the home search market this spring, so working now with a real estate professional who is serving as your Buyer’s Agent is a smart move! We can get you into homes that for your criteria and needs the moment they hit the market and you’ll have an advocate, representing, guiding, and working in your best interest, each and every step of the way!
I would love to connect to talk about the opportunities available in the Fort Collins, Loveland, Greeley, Longmont, Timnath, Windsor, and Johnstown markets.
Feel free to call or text – 970.820.0969; email tavery@C3-re.com; or complete the form right here on the website.
I look forward to talking and serving you in 2021!
