Who would have thought that our real estate market would have gone crazy this past year, in the midst of a global pandemic? Inventory was at an all time low, as were interest rates. And even with unemployment hitting double figures, there were more buyers than sellers. Multiple offers were common, and offers higher than list price was the norm.
What is the outlook for 2021? Probably more of the same, at least for the 1st quarter. Prices should not increase at the same rate as this past year, however. That is unsustainable. As vaccines get out to the public in mass, hopefully by mid year, we should see more inventory. That doesn’t mean prices will lower, but it should stop the frenzy.
Let me know what you think!