Experts predict that the fourth quarter of 2021 will see the market easing back into relative normalcy. But, while the regular seasonal slowdown in transactions could allow everyone a chance to catch their breath, many of the pandemic-instigated pressures on the industry will remain in place.
Here’s What You Should Know:
Since the advent of the pandemic, we have seen what is possibly the lowest housing inventory in history. While lack of supply has increased home prices in the pandemic economy, low mortgage rates have added upward pressure by allowing homebuyers to borrow more. However, experts predict these rates will gradually rise by the end of the year.
Advice for Homebuyers & Sellers
Homebuyers: if you can afford the anticipated mortgage payments and can get an offer accepted, it can still be a great time to buy, despite the level of competition.
Sellers: it’s as great a time as any to list! While the winter season often sees fewer buyers and slightly lower prices, home prices are still much higher than last year, and you can make out quite nicely.
Although the fourth quarter this year will feel a little more “normal” than it has over the past year and a half, the fourth quarter of this year should set the scene for another busy market in 2022.