Experts Predict 2021 Is the Year to Buy a Home

December 12, 2020 | Experts Predict 2021 Is the Year to Buy a Home

2020 has been a challenging year, to say the least. However, in terms of home buying, people have continued to purchase homes in Midlothian VA and areas throughout the country. Some of the factors involved may continue into 2021, however there may be other factors popping up next year that could make buying a home particularly attractive if you find yourself in a solid financial situation.

Among the reasons people have been buying homes this year are record-low mortgage interest rates. The average rate of a 30-year fixed-rate mortgage continues to hover around 3.4% after dropping even lower back in April. If these low rates remain, it provides an excellent opportunity to purchase a home, saving you money over the long term or allowing you to buy a slightly larger home than you initially imagined. If rates remain relatively low, it’s worth investigating the possibility of buying a new home now.

While rates have been low, unfortunately the number of available homes has also been low this year. Fewer people have put their home on the market in the past year, due in large part to financial uncertainty, along with concerns about showing homes during a health crisis. The reality is that at some point, the number of pre-owned homes on the market is going to increase in the coming year as financial protections phase out, unless the job market sees a major upswing. With more homes on the market, regardless of the reason, prices are more likely to drop, due to competition. This means you may be able to buy a home that was previously out of your range if the overall values drop. However, with effort to stimulate the economy, home values should hopefully revive in the coming years, providing you with a good investment.

Ideally, if you’re in a stable financial situation, 2021 may be an ideal time to buy one of the brand new homes in Midlothian VA. If mortgage rates remain low, and home prices potentially drop as more homes come on the market, you have the opportunity to buy a home that gives you room to grow for years to come, turning into an excellent investment. Plus, with brand new LifeStyle Builder homes, you know you have a quality built home that will save you money over the long run and give you the flexibility to grow within the home, giving you time to see a significant return on your investment.