Here’s our predictions for what may be in store for our 2021 market.
Thanks to a certain virus that blindsided the entire world (have you heard about it?), everyone who had made predictions for 2020 found themselves shrugging their shoulders this spring—no one could have foreseen the market behaving the way it did this year. Today, after nine months of enduring COVID-19 and watching a historic market recovery unfold, we’re humbly offering our predictions for the 2021 market.
While there are still plenty of unknown variables at play (the distribution of COVID vaccines, a new administration in the White House, the overall health of our economy, etc.), we do know that the basic supply-demand relationship that created a red-hot 2020 is likely to exist through 2021.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to skip to topics that interest you most:
0:23 — Our team’s experience riding 2020’s rollercoaster market
1:11 — Taking a closer look at interest rates and the different measures of unemployment
2:44 — The impact of COVID-19 vaccines and the reauthorization of the CARES Act
3:32 — South Carolina cracks the list of Top 10 states for in-migration
4:29 — Sales increased modestly under constraints of low inventory; prices rose significantly
5:00 — My overarching prediction for 2021 (with a few key caveats): More of the same
6:19 — Forecasting inventory levels and my take on Biden’s first-time homebuyer tax credit
7:48 — A word to fellow investors
8:32 — Wrapping up today’s topic
Though our strong seller’s market is not without risk, there is good reason to believe that an uptick in foreclosures and continued economic uncertainty still won’t be enough to create a sizable shift in 2021; low interest rates will continue to fuel demand, and the persistence of low inventory should keep prices strong.
As always, feel free to reach out if you have questions about where our market might be headed or any real estate needs I can help you with. No matter what happens in 2021, we’ll be here to help you buy, sell, or invest in real estate. I look forward to hearing from you soon!
