Let’s start off with the good news — the real estate market is expected to do very well in 2021, with mortgage rates that are hovering at historic lows and forecasted by experts to remain favorable throughout the year. The challenge? The lack of homes available for sale today’s housing industry.
What Does This Mean for You?
If You’re a Buyer:
Be patient during your home search (hard, absolutely, but worth it). It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage (take a look at why this is an important step), be prepared to make a competitive offer from the start, and know that a shortage in inventory could mean you’ll enter a bidding war. Be realistic about just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way (“Enter me,” she says in parentheses).
If You’re a Seller:
You’re in the driver’s seat. It’s the Rule of Supply and Demand: When there’s a shortage of an item at the same time there’s a strong demand for it, the seller is in pole position to negotiate the best possible terms. Whether it’s the price, moving date, possible repairs, or anything else, you’ll be able to request more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable (there is also the Rule of Karma #namaste), but understand you probably have the upper hand.
The housing market will remain strong throughout 2021. Know what that means for you, whether you’re buying, selling, or doing both. This is where you “lean on me”: your real estate professional, your relocation expert and Las Vegas guide. Let’s navigate your journey together.