Will Space Coast Home Prices Continue To Rise in 2021?
The rising value of your home may be the best present of all this holiday season!
2020 has come with its own set of well-documented challenges. But what it also has brought is a boom in Space Coast home prices throughout most of the year. That’s great news for Brevard County homeowners who have had the flexibility to wait or postpone the sale of their home during the COVID-19 pandemic.
To top it off, we also are seeing historically low-interest rates, a shortage of homes for sale, and a rapid influx of new buyers in the Central Florida real estate market. That paints a rather rosy picture for sellers looking to make the most off their properties in 2021. We are seeing a sellers’ market, driving up buyer competition, and in effect home values throughout our communities.
Is It Worth Waiting To Sell My Home?
The truthful answer is it depends.
Your current situation will dictate the answer to this question much better than the home market prognosticators of 2021. At Century 21 Ocean, we suggest using actionable data, like what we are providing here, to help educate your decision to list your home.
As for 2021, many are predicting that home prices will slow down in the accent, and mortgage rates will rise from record lows. But, they also predict Americans will continue their migration to less dense regions and lower-cost housing markets, meaning there isn’t exactly a clear cut picture of where the market is going and what’s the best financial decision for you.
The market can be very unpredictable, as we learned in the spring of last year, and can be affected by a wide range of factors outside of our control. That’s why we suggest using a trusted Brevard County Real Estate agent to help list your home and ensure you are getting the most net profit for your property. An agent knows the local market much better than national prognosticators and can provide you with insight into your space coast property, that will assist you in deciding to list it or not.
Benefits of Selling Your Home Now or in 2021
The good news is that if you’re thinking about selling your house soon, whether in 2020 or early 2021, the odds are on your side. According to Realtor.com, the success seen in the housing market in Q3 and Q4 od 2020, are excellent indicators of the continued trend in Q1 and Q2 of 2021.
Inventory continues to remain low and in Central Florida, the buyers’ market continues to expand. Naturally, when demand is high, but inventory is low, prices increase! Meaning you may be able to price your home at a value much higher than previously anticipated. That means getting more equity out of your home investment!
In fact, according to the NAR, there has been an increase of 28% or $16,000 in median dollar equity gained from home sales post COVID-19 outbreak. That’s a big chunk of your next down payment! Additionally, they go on to say buyers are searching for multigenerational homes and homes in less urban areas and that working from home is now a much bigger consideration for buyers as well as ample outdoor space and climate. All benefitting the Space Coast housing market!
Other trends among homebuyers include wanting to move closer to family, moving from renting to owning (45% of buyers), and limiting the number of homes they visit before making a purchase (due to the pandemic).
So, if you’re considering selling your home, now is as good of a time as any to take the leap. Real estate agents are meeting with sellers like yourself, virtually or in person, despite the prolonged pandemic and getting record equity for their homes. Finding trusted agents now is more important than ever though. The best agents are using their connections, finding the best ways to get their client's houses appraised, and listing quickly!
Once your Space Coast home is on the market, you may see multiple offers within a few days due to low inventory and buyer demand! To learn more about why we suggest considering selling your home this year or early 2021, while mortgage rates are low and buyer demand is high, contact our team today!