Here’s what you should know about our market as we get 2021 underway.
We’re finally into the new year, so you may be asking yourself, “How is the real estate market primed for 2021?” First of all, when interest rates are as low as they are right now (they’re one percentage point lower than they were at this same time last year), it bodes well for the real estate market and overall economy—2.38% is simply an unbelievable mark.
Typically, low inventory is desirable for homeowners since it drives prices up, but our inventory shortage is quickly becoming downright problematic; the market can’t move forward if there just aren’t any houses for sale, and many would-be buyers are backing off a little bit. Some have been priced out of the market, others without a pressing need to buy don’t feel compelled to grind it out in a bidding war, and others still are taking a more “wait-and-see” approach.
That said, our Augusta market is shielded from a lot of the national economic trends because we have so many people moving here all the time. All in all, now is an excellent time to sell your house, especially if you’re thinking about downsizing and want to maximize your equity amid an upturn in prices. It is important to note that national economists have flagged a few things that could pose legit problems for our market moving forward, such as the negative effect rising prices might have on the affordability index. (Thankfully, Augusta’s affordability index rating remains exceptional).
“Now is an excellent time to sell your house, especially if you’re thinking about downsizing and want to maximize your equity amid an upturn in prices.”
While no one has a crystal ball, we all know that the economy rises and falls; we’re in a peak now, so it’s a great time to ride the tide and sell your home for top dollar. If you have any questions on the market or are thinking about buying or selling property soon, don’t hesitate to reach out to us by phone or email. We’re always here to help, and we’d love to hear from you!
