The average homebuyer in 2020 had to deal with an inordinate amount of delays, obstacles, and stressors. If you’re looking to this year as your golden opportunity to search the listings and find your dream home, here’s what The Hudson Valley homebuyers can expect from the real estate market in 2021.
Slim Pickings Early on
The last year involved a lot of otherwise motivated sellers deciding to either delay putting their home on the market until things felt more stable, or looking into refinancing for the long haul.
As time has gone on, both buyers and sellers have gotten more accustomed to the new normal of day-to-day life under COVID-19 precautions, and this translates to increased confidence in the real estate market.
Most local markets are starting 2021 off with a lower-than-usual number of homes up for sale because of this lack of confidence spanning most of 2020. Do keep in mind that this is certainly going to change as time goes on.
The Springtime Boom
Every year, real estate agents are used to a big influx of buyers and sellers once the winter weather has subsided a bit and everyone is more ready and willing to get outside.
This year, we are expecting a much bigger jump in market activity as the spring approaches, but it’s a great idea to keep your eyes peeled for amazing deals through the winter.
Some sellers have been keeping their property on the market in hopes of finding a very motivated buyer, while competition between sellers is lower.
Home Values to Increase
Due to the inventory of for-sale properties being a bit low over 2020, sellers were able to ask for a premium, if not have their choice of offers during bidding wars.
There is an overwhelming sense of anticipation for home prices to sustain this elevated level, and the growth to advance even further over 2021. It’s going to be important for any buyers to avoid getting too attached to a specific property so they can be ready to walk away if negotiations start to get out of hand.
With this heightened volatility, it is thoroughly recommended that all buyers hire a qualified and experienced real estate professional to handle the details of negotiation.
Buyers Are Prepared
As the market heats up in the spring, we will begin to see a lot of buyers coming out of the woodwork who have been sitting around and waiting for the chance to find the new home they were assuming they would find a year ago.
The choice to put a hold on their house search means they spent the last year building up their savings and possibly cleaning up their credit. The competition between buyers, agents, and lenders will be incredibly high in an already hot market, and you will want to set yourself apart as much as possible.
This could entail committing a sizable earnest money payment or let go of a lesser contingency to close the deal.
Bucking the Usual Trends
If there’s one through-line you can clearly pick up on, it’s that the real estate market in 2021 is primed to throw everyone a curveball or two.
The typical speeding up in the spring is going to be much more abrupt, pricing may be less consistent, and both agents and lenders are going to have their work cut out for them. This is why it’s imperative you enlist the help of a professional to keep your home buying venture on task and out of trouble.
Your Partner in the Real Estate Market in 2021
If you are looking to enter the The Hudson Valley real estate market in 2021, contact us today at (914) 407-3322!