market is expected to continue growing in 2021
BREVARD COUNTY, FLORIDA – According to many experts, the real estate market is expected to continue growing in 2021, and it’s largely driven by the lasting impact the pandemic is having on our lifestyles.
As many of us spend extra time at home, we’re reevaluating what “home” means and what we may need in one going forward.
Here are four reasons people are reconsidering where they live and why they’re expecting to buy a home this year:
1. Record-Low Mortgage Interest Rates
In 2020, the average interest rate for a 30-year fixed mortgage hit a record low 16 times, continuing to fall further below 3%. According to Freddie Mac, the average 30-year fixed interest rate today is 2.65%.
Many wonder how low these rates will go and how long they’ll last.
Jennifer McCoy with McCoy-Freeman Real Estate advises:
“With current low inventory on available homes for sale, there’s no better time than now to act on the home that fits your particular needs. Mortgage interest rates may never be this historically low in the future.”
This sense of urgency is driving many to buy this year.
2. Working from Home
Remote work is a new normal for many businesses. Many in the workforce today are discovering they don’t need to live close to the office anymore and they can get more for their money by moving a little further outside of the city limits.
The reality is, for some people, working remotely in their current home is challenging, especially when there may be other options available.
3. More Outdoor Space
Another new priority for homeowners is having more usable outdoor space. Being at home is driving those in some areas to seek less densely populated neighborhoods so they have more room to stretch their legs.
According to the State of Home Spending report by HomeAdvisor, of the households surveyed, almost half reported spending 27% more on outdoor living over the past year. This is a trend that’s expected to grow in 2021 and beyond.
4. Avoiding Renovations
It’s recently come to light that many homeowners would also rather buy a new home than go through the process of fixing up the one they have.
According to the 2020 Profile of Home Buyers and Sellers report from the National Association of Realtors (NAR), 44% of home buyers purchased a new home to “avoid renovations or problems with the plumbing or electricity.”
Bottom Line: It’s clear that homeownership needs are changing. As a result, people are expected to move in record numbers this year. If you’re trying to decide if now is the right time to buy a home, let’s connect today to discuss your options.
ABOUT THE AUTHOR
Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for over two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards from some of the largest real estate firms in the world.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have more than 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are ranked in the top 1% of all Florida Realtors.
Among McCoy-Freeman Group’s achievements are Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine, and SpaceCoastDaily.com.
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The post BREVARD REAL ESTATE MARKET WATCH: Four Reasons People are Buying Homes in 2021 first appeared on Space Coast Daily.