ActiveRain, Inc. takes no responsibility for the content in these profiles, Fannie Mae expects mortgage rates to hover around 2.8%, while the MBA anticipates that rates will remain around 3-3.3%. Experts predict a post-pandemic rebound—we’re talking steady mortgage rates, job recoveries, and the law of supply and demand all working together to spark a match that will make home sales go kaboom!1 . Nationwide, the National Association of REALTORS (NAR) projects a 6% increase in housing prices in 2021, according to data compiled by Keeping Current Matters; Fannie Mae and Freddie Mac project a more modest nationwide price growth of about 2-3%. Per Keeping Current Matters, Fannie Mae expects mortgage rates to hover around 2.8%, while the MBA anticipates that rates will remain around 3-3.3%. — have seen tightening inventory, higher sales prices, and low market time. can help field your questions and give you the guidance you need to succeed, backed by our unparalleled breadth of experience, market-leading tools, and commitment to always being available to you. For all these matters and more, you’ve come to the right place! So, when you find a property you like, put your offer in quickly and expect a fast pace due to other interested buyers. This is often a factor that encourages buyers to enter the market and spurs activity. The last year was an unusual and unpredictable one in the real estate world. Generally speaking, when interest rates are lower, buyers’ purchasing power is higher. As a result, the New York real estate market 2021 is likely to remain a seller’s market. Pandemic – While the pandemic spread through the US, the market remained strong. Several of my clients and I navigated 2020’s challenges, and I’m looking forward to bringing that working knowledge with me into the new year. There are always a variety of “push” and “pull” factors that encourage people to enter the housing market as a buyer. This is going to be particularly important to factor in when you consider another major influence on housing market activity here in Chicago and around the country —, Interest rates have been low for some time now —. Both home buyers and sellers have a lot to gain during their transactions despite the election and pandemic. Experts forecast a year of continued strength in the housing market. December 22, 2020 ... 1920s English Cotswold-Style Home Gets Refreshed for Chicago-Area Family of Eight. As realtor.com senior economist George Riatu recently put it to CNN: “[Low interest rates] have helped homeowners refinance and save money, while simultaneously making it easier for first-time buyers to afford a home… However, double-digit price gains over the past three months have been chipping away at the benefit that low mortgage rates have brought.". Chicago housing market forecast Until recently, Chicago market trends were red hot. Before we dig more deeply into these optimistic marketing trends and how to plan ahead, let’s talk about two housing market influencers on everyone’s mind: the election and the pandemic. The rise of millennials will push the housing demand up. Here’s my advice: 1. Many market experts are predicting that more inventory will come to the market in 2021, with Baird & Warner’s Laura Ellis expecting a “loosening” for several reasons. 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