Buying a home is still considered a major milestone.
However, the COVID-19 pandemic is changing the way people look at real estate. On top of that, the fallout from the pandemic and its economic repercussions are impacting housing market predictions for 2021.
While some research expects 2020 to see losses, there are expectations that the housing market will bounce back by the end of 2021. Indeed, Zillow’s latest housing market predictions call for a price drop of between 2% and 3% through the end of 2020 (as compared to 2019).
With many would-be homebuyers and sellers changing their plans to see how things shake out, home sales could be down by 60% in the second quarter of 2020 from the end of 2019. However, Zillow expects that the housing market will rebound by the third quarter of 2021.
Even though things might look a bit bleak for the housing market, if you’re in the market to buy — or even to sell — you might still be able to accomplish your goals. Wendy Juvenal Mays offers her expert opinion on the current state of real estate, homeownership, and what you can do to manage expectations during this time.
We know it’s a challenging time right now. If you’re struggling, many in our community have some great COVID-19 resources.