Raleigh Real Estate Market Trends for 2021
Hold onto your seatbelts because 2021 is about to be another fantastic seller’s market. This year is expected to be a post-pandemic rebound with job market recovery, steady mortgage rates, and an ever-tight supply of homes on the market.
If you’re hoping to buy or sell your home in 2021, you may be interested in learning more about the real estate housing market predictions. At Oak City Properties, we took the time to examine the 2021 real estate market and what real estate experts predict for buyers and sellers.
Low Mortgage Rates and Remote Work
Twenty-twenty may have been slow to start with the uncharted territory of pandemic restrictions, but the real estate market quickly recovered and is now a competitive seller’s market. The scarcity of homes in many sections of the U.S. (Raleigh included) makes this year the ideal time to sell your home. Interest rates are still relatively low and pent-up buyers are eager to enter the market.
Low mortgage rates and the increase in remote work will open the market even more to include rural areas that were otherwise avoided because of commute-minded buyers. Now that many jobs are remote, workers can choose to live in the suburbs and beyond. They aren’t tied down to metro areas, so the commute as a selling feature has become less important.
Tight Real Estate Market
It isn’t a secret that Raleigh is an awesome place to live. The city has even made the Best Cities list of U.S. Newsweek several times. That’s also one of the reasons that many from inside and outside of North Carolina are choosing Raleigh for their next home. However, the Raleigh real estate market is tight. Very few existing homes enter the market for sale. Some new construction homes are popping up in the suburbs and neighboring towns like Wendell, Clayton, and Fuquay-Varina. But not everyone wants to live in smaller towns, so Raleigh still retains its allure for those seeking homes in the city. Our job market is outstanding and recreation/cultural options are plentiful.
However, the scarcity of supply in the Raleigh housing market makes it highly competitive for buyers, but a super seller’s market for those wanting to sell their home in 2021. So, if you’re thinking about selling your home, right now in 2021 is the best time to get a high price and profit.
Pent-Up Buyers Will Enter the 2021 Market
Buyers are expected to spill onto the market in 2021 because of lifted COVID-19 restrictions, making 2021 a hot seller’s market. Many buyers were reluctant to enter the market in 2020 because of the lack of open houses and the restricted ability to view homes for sale. Video tours are okay, but not the ideal buying experience.
Remember, the number of homes listed for sale this year are down 22%. This means buyers are less likely to haggle and more likely to offer above the listing price.
Hire a property management company to help you sell your home
Real estate market predictions are for the most part reliable, however, they can really only give you a snapshot of what you might see in the new year. It’s up to you to make the best decision about whether to sell your home or not. If you need assistance in selling your home, we’re happy to help. Oak City Properties has decades of experience selling homes in the Raleigh real estate market, and we can put that experience to work for you. Check out a more in-depth deep dive into Raleigh’s 2021 housing market by reading our blog article “Housing Market Predicted to Stay Strong.”
Interested in Buying or Selling a Home?
At Oak City Properties, we have been helping those in the Raleigh area purchase and sell homes for years! Whether you are a family trying to sell your home or a landlord wanting to downsize your rental portfolio, our full-service property management company is here to help.
If you are interested in learning more about our services or speak to our listing agents, give us a call at (919)-232-9222 or check out our website: https://oakcityproperties.com.customers.tigertech.net
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