What Will The Real Estate Market Look Like in 2021?
Every week I answer questions that YOU ask!
This week’s question is about the Real Estate marketing in 2021.
We’ve got questions with Krista today. So this is from Sharon S. she says, “Krista, I’m curious to think about what you think the real estate market will look like in 2021.” Sharon, I’ve got to admit this is not a question I like answering and this is just my opinion. I do believe that we’re going to see a correction. Right now we have, it’s an amazing, crazy sellers market, there’s a limited inventory, interest rates as you know are absolutely amazing. It’s a buying frenzy to try to get properties. You’ve got to make multiple offers and bidding wars and be crazy when you’re making an offer on a property in order to get it because there is such limited inventory.
But I personally don’t think this is going to last very long because we have so much unemployment right now. I do believe because of the election that they’re going to try to keep the market as good as possible because our market is actually helping keep the economy alive and being okay. But with so many people out of work I’m a little bit concerned about what the market will look like in 2021.
I don’t have a crystal ball, I can’t guarantee anything, what I would tell you is just to keep on sharpening down on your skills.
It’s more important than ever as the market starts to shift if things become a little rocky that you have your value add and you stand out amongst other agents. What I will say is that this pandemic is very, very different than what was happening back in 2008.
In 2008 the reason why the market crashed was because they were selling D paper as if it were A paper. They had stated income loans and anybody and everybody could actually qualify to get a house when they really couldn’t afford it. That is definitely not happening right now. They want your blood, sweat, and tears in order to qualify. So it’s very different than 2008 but with the whole election and with unemployment and many people out of jobs it is quite a bit concerning for me. But again, I don’t have a crystal ball that is just my opinion. So I hope that helps Sharon and if you’d like to ask questions of me directly just put them in the chat below. Let us know and we’ll be sure to answer them on our next Q and A with Krista.
To see more of my Q & A blogs just visit https://kristamashore.com/category/q-and-a/!