16 Jul Housing forecast for 2021

What are we expecting for this running year when it comes to Real Estate in Florida? We have the three main topics that will influence the market for 2021.

Home sales are going up:

Experts expect home sales for the upcoming year to come in 7% above this year’s levels, following a regular seasonal trend (unlike what happened in 2020), sustaining the pace in the second half of the year.

As vaccines for COVID had become available to the public, the consumer is getting back to its regular spending patterns. Great expectations for the Real Estate market.

Home sales are going up 7%:

Home prices are currently going up, and it’s expected to close the year about 7.6% above 2019. Experts anticipate price gains to ease somewhat in 2021 and end 5.7% above 2020 levels.

As property experts, we consider it an excellent time for investors to buy a property, taking advantage of current prices and low mortgage rates.

The rise of millennials:

This year, Millennials will be taking over the market as buyers as they need more space for themself and their growing families.

Additionally, as make-up buying from the disruption of spring 2020 fades, home purchases will be propelled by underlying demand in 2021. This demand will come from a healthy share of Millennial and Gen-Z first-time buyers and trade-up buyers from the Millennial and older generations.