Real Estate Market Predictions Feb 2021 #2

Real Estate Market Predictions Feb 2021 #2. The second real estate market prediction for the US in 2021 comes from CoreLogic’s Chief Economist, is that there will be more first time home buyers entering the market. I’m Rich Barnes, owner, broker of Realty Experts in West Allis, Wisconsin by 53214. Remember, CoreLogic bases their real estate market predictions on public data and facts, and being in the industry for 21 years, I rely heavily on their data. He believes that lower interest rates will continue to entice buyers who want to enter the market. It’s easier to transition into the housing market because the principal and interest rates are much lower today than they were a year ago, about 1% lower. And that lowers a buyer’s monthly payments significantly. So much so, that oftentimes mortgages are lower than what a monthly payment for a rental would be. And remember, they also have the benefit of writing off some of the mortgage interest. Buyers also have more monthly cashflow because mortgage rates are lower and because the interest is a write-off. However, the negative part for buyers is that with prices going up, initially they’ll have to purchase a home, they’ll need more money for the down payment, the closing costs, monthly reserve. So that will cause a little bit more stress. Once they get in the home, it’s great. But initially, getting into the home will be a bit more of an initial financial challenge. I hope this was helpful. Be sure to search out our YouTube channel for all four real estate market predictions for 2021. That would be Richard Barnes-YouTube. Feel free to reach out, I’m here to help. Thanks, you have a great day. And remember, you can always rely on Rich.com.

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