Today I’m sharing my 2021 Phoenix real estate market predictions. 2020 has been a heck of a year, and most of us are ready for 2021.
I believe the first quarter of the new year will be similar to what we’re seeing now. With the progressing pandemic and a vaccine hopefully coming soon, there’s potential for change, but likely not in the first quarter. More of the same means we’ll continue to have low interest rates. Interest rates in the 2s make it extremely affordable for buyers to purchase a home, even with the current higher prices.
Arizona is seeing high inward migration and low inventory, which means demand and prices will remain elevated. I see this continuing to happen, even with the coronavirus market we’re in right now. If and when the broader economy recovers in 2021, I believe the real estate market will stay as it is, if not get stronger, though it’s difficult to imagine it stronger than it is these days.
If you’re considering buying a house, interest rates in the twos are very positive. It’s a competitive market, but know that we have strategies and techniques to get you into the home you love. If you’re thinking about selling, we have extremely low inventory, so buyers will frequently fight over your house, which means multiple offers for you. So it’s currently a great time for both buyers and sellers in our market.
If you have questions about buying or selling, please give me a call or send an email. I’d be glad to schedule a free consultation with you.