From Demand Being Higher than Supply to Low Mortgage Rates and More, 2021 is Shaping Up to Be an Interesting Year for Home Buyers
ATLANTA, GA / ACCESSWIRE / May 13, 2021 / The founders of Moreira Team | MortgageRight, a company that offers a number of services including first time home buyer loan programs, are pleased to announce that they have posted a new blog that discusses what home buyers can expect in 2021.
To read the new blog in its entirety, please visit https://moreirateam.com/learn/what-home-buyers-should-expect-in-2021/.
As the blog notes, 2020 was definitely a strange year on a variety of levels. Like many industries, real estate and mortgage companies were impacted by the COVID-19 global pandemic. After everything essentially shut down for most of the spring, there was an increase in real estate-related activity in the summer, which led to low inventory and interest rates combined with high demand and prices.
The market eventually settled down in late 2020 and is continuing to be stable in 2021, which means home buyers can expect to have certain expectations if they are planning to buy a home this year.
For example, one of the main home buying trends the team from Moreira Team | MortgageRight is seeing in 20201 is a demand that is higher than supply. In other words, there are more home buyers looking than homes available for sale.
"This isn't expected to change as 2021 progresses," the article notes, adding that buyers should expect to pay a little more and possibly make some concessions when making offers.
"You want to be careful not to give up too much. You just have to be willing to compromise some of your expectations."
Also, while home prices are expected to continue to rise, the blog notes that the rate of increase will probably not be as dramatic as it was in 2020. In general, home prices will be higher in the spring and summer and then lower in the fall and winter of 2021.
And while mortgage rates have begun to climb in 2021, the blog notes that they will still remain relatively low.
"As the economy recovers, rates will keep going up. However, by historic standards the current rates are still very favorable for home buyers," the blog notes, adding that experts suggest average rates of 3.15 percent across 2021, which is actually only up slightly from 3.025 percent in 2020 and well below past rates that were well over 4 percent just a couple years ago.
About Moreira Team | MortgageRight:
Moreira Team | MortgageRight is a boutique mortgage broker and lender built to cater towards their clients' financial needs, finding the best loan for their unique situation. They believe in a consultative "done-for-you" approach to getting a mortgage. That's a fancy way of saying they treat their clients like family and make sure everything goes smooth. They also shop each loan with over 22 lenders and banks to make sure they deliver on their promise to get their clients the best deal. For more information, please visit https://moreirateam.com/.
Moreira Team | MortgageRight
1230 Peachtree St. NE #1900a
Atlanta, GA 30309
CONTACT:
Alvaro Moreira
[email protected]
404-238-7888
SOURCE: Moreira Team | MortgageRight