Home sales for 2021 have been booming and if the market continues with its low mortgage rates, a solid 8 million property sales could likely be achieved. With affordable mortgages before the pandemic in March 2020 and even more so after January of this year, home purchases have skyrocketed. Because of such cost-effective rates, spring is projected to yield another real estate harvest. The only relative issue with excessive home buying is the lack of inventory for potential home buyers. The solution to this problem will be present when the COVID-19 vaccine is readily available and the economic condition progresses. Both these factors will likely contribute to increased home sales when homeowners realize the equity they have acquired in recent months, therefore, resolving the property shortage crisis.
Homeowners in 2020 have greatly benefited, earning roughly $24,000 in market value which gives them a sales boost when they are ready to list. In the past 3 years, home prices have reflected both their increased value and consumer interest since market sales have drastically risen. And market records also show that these sales are linked to properties listed over the median sale price, proving that current home prices are fair and affordable. Last March of 2020 until now has shown an influx of buyer demand and is a true testament to the current success of the real estate market.