Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
🚨 Poll: Consumers Expect Even Hotter 2021 Market ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🌴
Dated: January 15 2021
Sixty percent of home buyers and sellers say they’re optimistic about the housing market in 2021, a leap above 2020’s numbers, according to a new survey commissioned by Redfin. High earners and homeowners are the most upbeat, shows the survey of more than 1,400 people, which was conducted in November and December.
Nearly three-quarters of respondents who earn more than $150,000 say the housing market will fare better in 2021 than 2020, the highest of any other income group. Also, 64% of homeowners believe the housing market this year will outperform last year. Sellers express more optimism than buyers; recent double-digit gains in home prices likely explain seller enthusiasm.
“Most homeowners are well aware that their home value has increased and they’ve become wealthier on paper over the last year, and they’re optimistic it will continue this year,” says Daryl Fairweather, Redfin’s chief economist. “That belief is well-founded. I expect price growth to continue throughout the year as remote work culture drives interest in moving to bigger homes in rural and suburban areas.”
Fairweather says current homeowners are likely to benefit the most from the hot market, while first-time buyers will “have a hard time breaking into the market this year.”
Nevertheless, half of renters express optimism about the housing market in 2021, according to Redfin’s report. Renters may be drawn to record low mortgage rates and the possibility of greater inventory this year, Fairweather says. “But renters hoping to become first-time home buyers are also more discouraged by rising prices and competition because they don’t get to use the proceeds from selling their current home to buy a new one.”
Here in Southwest Florida 🌴 especially as people continue to move / relocate to the area from other parts of the US, inventory remains low overall, but we do continue to list new properties to the market and sell many homes; both Single family, and Condo type. We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do. Low interest rates are probably helping with this additionally. Low inventory is the greatest chalenge for buyers. For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.
At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.
Article content from our NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Hoey Team ☘ exp Realty
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For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
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