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INDUSTRY NEWS

Experts Predict What the 2021 Housing Market Will Bring

1/25/2021

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The Washington Post | Kathy Orton - ​A bright spot in an otherwise dreary 2020 was the residential real estate market. After briefly retrenching at the beginning of the pandemic, home sales soared. A lack of homes on the market and low mortgage rates caused prices to skyrocket. Rising prices lifted home values, creating more wealth for homeowners.

But not everything was rosy. As of this month, 5.2 percent of mortgages, or 2.7 million, are in forbearance, according to Black Knight, a mortgage data and technology company. That represents $547 billion in unpaid principal.

Many experts are predicting another strong housing market in 2021. They are forecasting increased demand from buyers who delayed purchasing homes because of the pandemic; from existing homeowners who need larger spaces to accommodate parents working from home and children attending school virtually; and from condo owners who are seeking to escape multifamily buildings for single-family houses to mitigate exposure to the virus. The ability to tour homes and close on purchases virtually will make buying a home simpler in 2021.

To read the full article on The Washington Post website, click here.
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  • Home
  • Member Services
    • Pay My Bill
    • Find a BIA Member
    • Become A Member
    • Sponsorships
    • Join a Committee
    • Job Board
    • Member to Member Emails
    • Publications
    • BIA Staff and Board of Directors
  • Greater Louisville Community
    • Greater Louisville Relocation Guide
    • Find an Industry Professional
    • Find a Registered Builder
    • Find a BIA Registered Remodeler
    • Request for Conciliation
  • Events
    • Public Events >
      • Home, Garden & Remodeling Show
      • Homearama 2020
      • Homearama 2021
      • Tour of New Homes
      • Tour of Remodeled Homes
    • Member Events
    • BIA Calendar
  • EDUCATION
    • BIA Calendar
    • Class Descriptions and Rules
  • News
    • BIA Blog
    • BIA Members In The News
    • Industry News
    • BIA Social Media
  • Job Board