Fredericksburg, Stafford VA Home Prices
Fredericksburg, Stafford VA Views on the 2021 Housing Market
How much equity do you have in your home? The housing market was a shining star in 2020, fueling the economic turnaround throughout the country. As we look forward to 2021, can we expect real estate to continue showing such promise? Here’s what four experts have to say about the year ahead.
Lawrence Yun, Chief Economist, National Association of Realtors (NAR)
“In 2021, I think rates will be similar or modestly higher, maybe 3%...So, mortgage rates will continue to be historically favorable.”
Danielle Hale, Chief Economist, realtor.com
“We expect sales to grow 7 percent and prices to rise another 5.7 percent on top of 2020’s already high levels.”
Robert Dietz, Senior Vice President and Chief Economist, National Association of Home Builders (NAHB)
“With home builder confidence near record highs, we expect continued gains for single-family construction, albeit at a lower growth rate than in 2019. Some slowing of new home sales growth will occur due to the fact that a growing share of sales has come from homes that have not started construction. Nonetheless, buyer traffic will remain strong given favorable demographics, a shifting geography of housing demand to lower-density markets and historically low interest rates.”
Mark Fleming, Chief Economist, First American
“Mortgage rates are expected to remain low for the foreseeable future and millennials will continue forming households, keeping demand robust, even if income growth moderates. Despite the best intentions of home builders to provide more housing supply, the big short in housing supply will continue into 2021 and likely keep house price appreciation flying high.” With more people working from home, Fredericksburg, and Stafford continue to be perfect location as many from NOVA are moving here with the options they have to work from home. The increase in buyer demand is incredible, and the market is being very kind to sellers in the Fredericksburg VA area. Find out today how much your Fredericksburg, Stafford VA is worth today!
The year that was financially devastating for many Americans, some good news for most homeowners is the dramatic gain in home equity over the last twelve months. Home owner equity insights four major factors:
1.U.S. homeowners with mortgages have seen their equity increase by a total of $1 trillion since the third quarter of 2019.
2.The average homeowner gained approximately $17,000 in equity over the past year.
3.This is a 10.8% increase in equity over last year.
4.The average household with a mortgage now has $194,000 in home equity.
Bottom Line
Whether you’re ready to buy or sell a home in 2021, if you’re planning to take advantage of the market this winter, let’s connect to talk about the opportunities available in the Fredericksburg, Stafford local market.
Fredericksburg, Stafford VA Views on the 2021 Housing Market
Fredericksburg, Stafford VA Home Prices
Top Listing Agent Pam Martin Fredericksburg, Stafford VA
eXp Realty Fredericksburg, VA
Call 540-834-6924, Find Out Today!