Real Estate expert Deborah Ratchford

Well, I am glad you asked...According to many people I’ve talked to the real estate market is expected to continue to grow in 2021 and it’s largely driven by the lasting impact the pandemic is having on our lifestyles. As many of us spend so much time at home, we are re-evaluating what “home” means and what one may need in going forward.

Here are the many reasons why people are reconsidering where they live and why they’re planning to buy a home this year: 1. Mortgage Interest Rates are at a record low!!!

In 2020, the average interest rate for a 30-year fixed mortgage hit a record low- several times. Many buyers have been able to get below 3% for their home purchase interest rate. I heard of a buyer that closed on their first home purchase a couple of weeks ago and their 30-year fixed interest rate was 2.65%. The big question I’m hearing over and over again is, “how low will these rates go and how long will they last?” This sense of urgency is driving many to buy this year which will lead to a continuing seller’s market. *If you are thinking of selling, this is the market for you. 2. Home has become the new “workplace”.

Working from home is a new normal for many businesses and it’s lasting a lot longer than we planned. Many in the workforce today are discovering they don’t need to live close to the office anymore and they can get more for their money by moving a little further outside of the city limits. That great city location just might not be so important anymore. The surge in the work-from-home population has rewritten the playbook for many home buying decisions, from when and where to relocate, to what people are looking for in their next home. *The reality is, for some, working remotely in their current home is challenging, especially when there may be other options available. 3. More Outdoor Space would be great!!!

The new priority for homeowners is having more usable outdoor space. Being at home is driving some to seek less densely populated neighborhoods so they have more room to stretch their legs. People are looking for homes closer to parks, ball fields, playgrounds and in some cases, backyards big enough for a pool. Plus, those living in apartments and townhomes are often looking for extra square footage, both indoors and out. Many in the industry think this trend will grow in 2021 and beyond. 4. Avoiding the pitfalls of Renovating.

It’s recently come to light that many homeowners would rather buy a new home than go through the process of fixing up the one they have. When renovating an older house there will always be unseen costly problems like the never-ending increase in material costs, electrical, plumbing and HVAC. Most people are seeing the benefit in buying a house that’s checking all or as many of the boxes as possible. Depending on what needs to be addressed, today’s high buyer demand may make it possible to skip some much needed renovations before selling. *Many of these homeowners have prioritized buying over renovating for convenience and potential cost savings.

It’s clear that homeownership needs are changing. As a result, Americans are expected to move in record numbers this year.

If you’re trying to decide if now is the right time to buy a home, contact a local real estate professional today to discuss your options.

Deborah Ratchford - Top Producing Realtor with Proven Results!!! Keller Williams Realty Cityside Debratchford@kw.com 678-570-4779

Exp: Mar. 31, 2021