2021 Market Predictions
For anyone who paid any bit of attention to the 2020 Real Estate Market, you know it was nothing short of insane- crazy low interest rates, eviction moratoriums, over-asking-price offers, etc. 2021 is gearing up to be even more of a rollercoaster. Here are my predictions for some key aspects of the markets:
The Rental Market: It will be a down year for investors buying multi-families with the uncertainty of Covid-related, government directed rules designed to protect renters with no concern for landlords as business owners. We will see either an extension on the eviction moratorium or run on the housing courts to begin evictions setting up landlords for a rough year when it comes to trying to sell troubled properties. Tenants will find it harder to secure housing due to stricter landlords and rental requirements as well as damaged credit and employment records. Rents will increase due to limited supply and uncertainty over qualified tenants.
Sellers: Its expected to be a great market to sell this coming Spring as inventory is low and buyer needs continue to be at the highest we have seen in recent years. This is driven by aggressively low interest rates and an influx of urban dwellers to suburbia. Last years hot market has driven up home prices and the fear of under- appraising is waning. Concerns over the pandemic and keeping a healthy showing environment may frighten some sellers away from listing, but it only bolsters the market for those willing to tolerate the health risk.
Buyers: A fair playing field is expected. Higher home prices will be offset by low rates making mortgage payments affordable. Expect a highly competitive market. Those buyers that are well qualified with conventional mortgages, no need for seller closing costs, and flexible contract terms will see the most opportunity.
How can we help at Katie & Co?
Tenants: Agent Andrea Slifka specializes in placing and screening tenants. Due to economic hardships, there will be many tenants looking for new suitable house this Spring and it behooves them to enlist a qualified Agent to help place them in appropriate housing- at no cost to them. A real estate agent can help negotiate around not-so-favorable credit and rent history as well as challenges such as limited housing that allows for pets and flexible lease terms. Landlords can rely on agents to thoroughly screen tenants and mitigate non-payment of rent. Further, agents are trained to show available units with strict covid precautions keeping current tenants, landlords, and prospects safe and healthy.
Sellers: Spring 2021 will bring you top dollar for your property and with the help of an experienced agent, you can sell quickly, easily, and safely. During these unprecedented times, Katie & Co. Agents have a heighted awareness of keep our clients and ourselves safe and healthy. This includes limiting showings of your property to only qualified buyers escorted by professional agents. We have pre-ordered necessary supplies to keep your home germ free including shoe covers, hand sanitizer, and cleaning products. We include strict guidelines in all of our listing instructions to agents to keep the risk of spreading germs to a minimum.
Buyers: If you can buy, now is a great time to do it but you will need an experienced and aggressive negotiator on your side to get the best price on the best house. We will guide you through everything you need to do to succeed in your home search including fast scheduling of showing appointments, flexible showing schedules, and the most up-to-date listings that you can only get from a licensed Realtor. You are up against a sea of buyers this Spring all competing for the same thing and we know the tricks of the trade to highlight you as a buyer and get your offer to stand out.
Reach out to any of the agents at Katie & Co. today to talk about your 2021 real estate needs.