Will the Real Estate Market Crash in 2021?
Crash? Probably not, though the demand we’re experiencing as we emerge from the pandemic—and the higher home values it has created—will likely subside before the year’s end.
As the construction of new homes increases to meet that demand, and as mortgage rates start to creep upward, we may see that home values decrease overall. So yes, the home you purchase today may take a temporary dip in value.
Your Atlanta Home Investment is Probably Safe
The good news is that whatever market correction we experience here in Atlanta will be less than in other areas. Another great reason to call Atlanta your home! That’s because the trend in moving to metropolitan areas has accelerated over the last year or so. Cities that are growing, like Atlanta, are growing quickly. (Graylinegroup.com).
Moving from one Atlanta area to another? Chances are you’ll get a premium for your existing home, so you stand to gain regardless of how the market behaves in the coming months.
What’s Causing the Current Surge in Home Values?
Remember Quarantine? (As if you could forget.) Instantly, the idea of visit new homes, shake hands with new people, and have movers traipsing in and out of the house was unthinkable. So naturally, home sales halted and prices for the existing inventory dropped.
It took quite a while, but eventually, interest rates dropped, restrictions were lifted, and the market began to rebound. Cut to Spring of 2021, with the population becoming more vaccinated and the nation valuing time at home more than ever, demand surged in a big way. (CNBC)
Properties are moving quickly, and those in the position to take advantage of the turn are reaping the benefits. (Pro Tip: To maximize your profits consider using a flat fee listing agent like Better Way Realty Atlanta)
Time to Sell?
We know the decision to move is more than a financial one, but if you’ve been considering it a few things are working in your favor right now. We can help you determine your best move. Just give us a call. 770-733-9713