It’s good news for Southeast Florida real estate in 2021. Lawrence Yun, The National Association of Realtors chief economist, released his predictions for 2021. The remote job opportunities driven market of 2020 with its low mortgage rates is anticipated to carry through 2021.
A key factor for home buying – record low mortgage rates – combined with a steadily recovering jobs market and vaccine distribution will continue to drive the market.
Sales are expected to grow 7% and prices to rise 5.7% ahead of 2020’s high levels. While prices, mortgage rates, and sales are expected to continue to increase, growth will be strong driven by demand and economic recovery. However, prices will grow at a slower rate because of high buyer demand and limited inventory.
Consumers will have more choices as supply and single-family housing starts rise. The Federal Reserve stated the interest rates will continue to be favorable.