Comparison of Housing Market from 2020 to 2021

A GOBankingRates study revealed that more houses are slowly entering the market from January to October 2021 the total for sale inventory increased 9.37%.

Even if the inventory is not back to pre-pandemic levels but the market is recovering a bit said Jonathan Spears, the real estate agent and founder of Spears Group, at Santa Rosa Beach, Florida.

GOBankingRates’ study showed that as the inventory started improving, the median list price climbed 13.64% from January to October, and the median sale price saw a boost of 13.31%. Home values also grew 15.32% around the same time.

According to Spears, the market took off in the late third quarter of 2020 and never turned back into 2021. He said even if most real estate firms achieved record-high sales last year, 2021 exceeded 2020 in overall sales.

The housing market speed up creating record home sales, with most homes selling above the asking price, there were more home inspection and appraisal waivers and it is expected to continue until the end of summer 2021.

A realtor in Southeast Michigan, Jason Gelios, noted that the difference between sale and list prices increased 19.27% from January through September leading for the interest rates also to rise.

In January 2021, the 30-year fixed mortgage rate began at 2.79% and rose to 3.05% by October. But the 15-year fixed mortgage rate wobbled a little, by starting at 2.23% in January and reaching 2.30% in October.

Now sellers are not waiting for the spring or early fall to list but are doing it when they are ready, because there are still a lot of people looking for a home observed a licensed real estate agent in New York, Beatrice Genco, who specializes in South Central Brooklyn.

As we walk into 2022 only time will tell how the real estate market will shape up, many are hoping that it would be more pleasant for buyers who have halted their search or opted to delay the home buying process, because of huge competition.

The home values, median list prices, and median sale prices all have steadily increased this year so even if higher inventory might create less competition on properties, but overall prices could be higher.

People can keep a close watch on the market to ensure that they get the best possible deal.

Reference Source: Yahoo Finance

https://www.compareclosing.com/mortgagenews/comparison-of-housing-market-from-2020-to-2021/

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