The real estate market was all over the place in 2020. So much uncertainty in the air led to peaks in demand and then extremely low dips of inactivity. Typically, the springtime is one of the best and most favored seasons for home sellers to list their properties and for homebuyers to look for potential homes. We’re still only a couple of months into the new year, but before you know it, it’ll be a new season. For real estate, we’re expecting to be very busy, especially when we have a limited supply of properties to work with. We look at the trends for the upcoming season.
The Show Goes on For the Seller’s Market
Low inventory and even better prices have been trending with the real estate market even before the global outbreak of COVID-19. For experienced home buyers, most will understand that this means homes will go fast, even at high prices, because eager home-seekers are bidding with agents.
Many businesses are taking advantage of the times to build and create more. This means that homebuilders are bringing up new homes, every day, especially in El Paso. More homes are being built in areas near schools, making it easier for families to go their children to and fro from school, especially while they have to think about transportation to work.
Mortgage Rates are Low…For Now
According to Freddie Mac, the first week of January hit a new low in the last couple of years in terms of mortgage rates. Monthly mortgages are becoming easier and more flexible for homeowners to pay off. The rates were averaging at 3% or less, but experts say it could decrease even more.
The Value of Homes Are on the Rise
More people are spending more time in their homes, adding upgrades, making it the best place to be. A year has gone by since the pandemic hit the States in full force and that means the more time you have with your home, the more that the value goes up. So if home sellers are debating what might be the best time to list their homes, this upcoming spring might be ideal.
Choose the Lozano Real Estate Group, Today!
Our agents are here to help you find a home, list a home, and meet your goals overall! We are confident that we can help you sell or find a home soon. Contact us today to learn more about how we are serving our customers.