With 2021 upon us, leading economic experts are making predictions with what we can expect to see in the coming months. Dr. Lawrence Yun, the Chief Economist for the National Association of Realtors®, anticipates a year of continued growth for the housing market. The top economist expects to see 9% growth in year-over-year home sales with a sustainable 3% increase in home values.
Further predictions bring both good news for buyers and sellers, alike. While sellers will benefit from strong competition for the limited inventory of homes for sale, buyers will benefit from mortgage rates hovering near historic lows for yet another year.
Another interesting piece of the forecast is the size of homes that will be in highest demand. With more and more employees and students working and learning from home, larger homes are expected to be more desirable to families than ever. This could bring a boost to the luxury market in the new year.