there be more homes to buy in the Fort Lauderdale area this year??
Are you looking to purchase a property right now and having trouble
finding one, you’re not alone.
the National Association of Realtors (NAR) across the country,
inventory of available homes for sale is at an all-time low – the lowest point
recorded since NAR began tracking this metric in 1982. There are, however, more homes
expected to hit the market later this year. Here are three key
places they’ll likely come from as 2021 continues on.
Homeowners who paused
putting their home on the market because of Covid19
In 2020, many sellers decided not to put their
homes on the market for a number of different reasons. There were the obvious health concerns about
the pandemic to financial uncertainty, plenty of homeowners decided not to move
Now that vaccines are being distributed folks
are seeing a light at the end of the COVID-19 tunnel, it should bring some
peace of mind to many potential sellers.
We expect many of the homeowners who decided
not to sell in 2020 will enter the market later this year as they begin to feel
more comfortable showing their house in person, understanding their financial
situation, and simply having more security in life.
New Homes are being built
Home construction were up in 2020. And NAHB (National Association of
Home Builders), expects 2021 t be better.
“For 2021, NAHB expects ongoing growth for
single-family construction. It will be the first year for which total
single-family construction will exceed 1 million starts since the Great
More houses are being built in South Florida
and around the country. homeowners looking for new houses because they have
outgrown their current home or looking to downsize will be able to find new homes. And when they sell their current houses, it will
create opportunities for those looking to find a home that’s already built to
do so. It sets a chain reaction in motion for buyers looking for homes.
Homeowners who were impacted
Financially by the Economic Crisis
Many experts don’t anticipate a large wave
of foreclosures coming to the market,
given the forbearance options to current homeowners throughout the pandemic. But
there will be some homeowners who have been impacted economically will, need to
move this year. There are also homeowners who did not take advantage of the
forbearance option or were already in a foreclosure situation before the pandemic
began. In those cases, they may decide to sell their houses instead of going
into the foreclosure process, especially given the amount of equity in homes
Lawrence Yun, from at NAR, says
“Given the huge price gains recently, I
don't think many homes will have to go to foreclosure…I think homes will just
be sold, and there will be cash left over for the seller, even in a distressed
situation. So that's a bit of a silver lining in that we don't expect a
massive sale of distressed properties.”
It looks like we are going to have an increase
in the number of homes for sale in 2021. With optimism starting to take hold, new homes
being built, and more listings coming to the market prior to foreclosure, there
is hope that you will be able to buy this year. And if you are thinking of selling and making
a move, while demand for your house is high might create an outstanding move-up
option for you.
Housing demand is high, and supply is low, If f
you’re thinking of moving, it’s a great time to do it. If you’re
a homeowner there are likely many buyers who are looking for your type of
home. And there are options coming for
you to find a new house too. Let us connect
today to see how you can benefit from the opportunities available.
For ADA assistance, please email email@example.com. If you experience difficulty in accessing any part of this website, email us, and we will work with you to provide the information you seek through an alternate communication method.