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The housing market was a beacon of light in 2020 fueling the economic turnaround nationwide.
Will the vitality of the real estate market endure and continue throughout 2021?
Here is what some of the top real estate economic influencers have to say about what’s ahead for the real estate market in 2021.
1. Interest rates will remain low and will rise only moderately, peaking at around 3% ~ Lawrence Yun, Chief Economist at NAR
2. Construction of new homes should increase. Home builder confidence is at record levels so we can expect continued gains in single family construction. ~ Robert Dietz- VP of National Association of Home Builders
3. Sales volume is expected to grow 7% and sales prices are expected to rise another 5.7% on top of 2020’s already high levels. ~ Danielle Hale Chief Economist at realtor.com
4. With mortgage rates remaining low for the foreseeable future millennials will continue forming households, keeping demand robust even if income growth is moderate. ~ Mark Fleming Chief Economist at First American
Bottom line? If you would like to take advantage of the strong real estate market in Rhode Island or Southeastern Massachusetts give me a call. I’d love to be of help!
