By Susan Chipman, Realtor Legacy Agent, HREP, Huntsville Real Estate Professional
As a professional realtor, I find it imperative to stay in tuned with what market experts are predicting for 2021. Keeping in mind that Huntsville and the surrounding area, seem to be more protected from some of the downfall issues with home sales our country has faced in the past. A good example is in 2020 home sales were “still soaring”, regardless of a pandemic resulting in job losses. We experienced some hiccups, but house prices still continue to climb.
If I were to describe the negative of 2020, it would be that buyers experienced some difficulties like new builds taking longer to complete. This created a shortage of houses and the builder’s inventory became null. As we leave 2020 behind we can taut existing home sales flew off the market in record time and sellers were experiencing multiple offers. This was great for sellers.
So, the housing market still has the same problem heading into 2021. There are not enough houses for sale in relation to buyers ready to purchase. New build is still behind in inventory. The experts are predicting more movement out of California and New York taking new residence in other states. Here in Alabama we have already experienced this with new businesses making Huntsville their home, creating new growth in our city. So, we can expect home sales will continue to move quickly and prices will continue to rise. Interest rates should remain low. Existing homes should continue to increase in price and multiple offers will continue to be the norm.
If 2021 is the year you are thinking of selling or purchasing a home, it would be a good idea for you to speak with a realtor who knows all the ins and outs of this current market. There are definitely strategies to be considered on either side of the sale. Reaching out and getting information on how to move forward is free. Please give me a call 256-682-2746.