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Will 2021 Favor Home Buyers or Home Sellers

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Will 2021 Favor Home Buyers or Home Sellers

After a year filled with a lot of uncertainties and changes to the norms of the home buying process, those hoping to find their dream home should feel hopeful for the 2021 real estate market.

While it is impossible to say with certainty what the new year will bring, there are ways to estimate whether it is likely to be a buyers or sellers market. Staying informed is a powerful tool that can help you make the best home-buying decision possible. Want the inside scoop? Our premier real estate specialists put together this update to help you navigate what the future may hold. 

Understanding Buyers Vs. Sellers Markets

Home markets are always fluctuating based on how many people are selling and how many are looking to buy. This shifting ratio of supply and demand greatly impacts how much a new home will cost and how difficult it will be to find the perfect house in your budget.

In a buyers market, there are more homes being sold and less buyers, causing those who are selling to lower their prices in order to compete with other homes being sold. This type of market generally favors the buyer as there can be more options to choose from and more bargaining power to get lower prices.

A seller’s market is the opposite situation. There are less houses being sold and more people looking to buy. This can cause prices to go up and ideal homes to fly off the market more quickly.

Knowing What the Future Has in Store 

The current housing market has experienced an overall trend in favor of sellers, with home prices being pushed up during the 2020 pandemic. Social distancing and a sharp increase in the number of people who work from home could continue to motivate people to buy a home rather than rent an apartment or stay in similar living situations.

While this sellers market may continue into 2021, there should still be plenty of opportunities for a well-qualified buyer to get into the home they’ve been looking for. Some predictions claim that 2021 may even bring about a gradual shift to a more buyer-friendly market.

Accomplishing Your Goals in 2021

If you’re looking to sell your home, now is likely a great time to do so. If you’re shopping for a new home, don’t be discouraged by the current marketplace. While it is impossible to tell exactly what the future has in store, new houses are always opening up and you will eventually be able to find a great match for your needs.

Ready to Buy or Sell? Get In Touch With The Experts

With our team at Chapel Hill Realty Group, you can find everything you’ll need to buy or sell a home, as well as learn about the market values of homes currently available for purchase or recently sold. Our goal is to provide a level of knowledge, responsiveness and quality service unrivaled in the Chapel Hill market.

Get in contact with a realtor from Chapel Hill Realty Group to get expert advice and help finding the home you’ve been dreaming of – visit us online, or call us directly at (919) 942-4149 today!