Updated: Feb 18
The California Association of Realtors (CAR) has released its economic forecast for the 2021 California Housing Market. Although a continued supply inventory shortage will limit sales growth numbers, CAR predicts that continued low mortgage rates combined with a pent-up demand for homeownership will actually bolster California home sales in 2021 above 2020 levels.
Due to an extremely favorable lending environment, financially-eligible buyers will likely remain motivated to enter the market. Although median home sale prices are expected to continue to increase, the rise is predicted to be much more moderate than during 2020.
Takeaway? The real estate market remains strong for both buyers and sellers. With low inventory, it may be the perfect time to list your home and embark on your next “journey” in life. As a buyer, interest rates may allow you to purchase the home of your dreams.
Let’s talk if it’s time for you to “make your move.”