We’re all ready to put 2020 in the rear view mirror. And while there are lots of things we’ll say goodbye to, others will outstay their welcome into next year and beyond.
Masks, hand sanitizer and… bidding wars on houses?
Bidding wars in metro New Orleans?
They’ve already started. Housing experts say it will be worse in 2021 thanks to COVID.
Here’s what you can do now to be ready if you, or someone you know, is even thinking about buying a home.
What Experts Predict for 2021
Can you say “housing inventory shortage”? That’s the projected theme for 2021.
Recent housing data shows housing inventories are already tight. As of October, the supply of existing homes for sale fell to 2.5 months worth of supply.
Compare that to “normal” months where housing inventories run four to five months worth of supply.
More data from Altos Research shows there are 40% fewer homes on the market than last year.
All this amidst the stress and uncertainty we’ve all faced this year.
Headed into next year, experts predict we’ll have a vaccine, more immunity and a recovering economy.
In light of continued low interest rates, 2021 looks to be a very active year for real estate.
2 Things You Can Do to Be Ready
Heading into Christmas, we’ve had many cases of buyers having to bid on homes they wanted. We don’t expect this to slow down given the expert predictions for next year.
Here are 2 suggestions to help you get ready for buying a home:
#1 – Get PreApproved
In a competitive housing market, there’s no substitute for being pre-approved before you make an offer.
Sellers have choices and may dismiss your offer if you’re not approved and ready to buy.
Don’t confuse this with getting pre-qualified. They’re 2 different things. Click here to read more about the difference between the two.
#2 – Practice Being Flexible
Buyers here in metro NOLA aren’t used to this kind of competitive market. If you’re set on finding a home in a certain neighborhood, you may have to be flexible about the age of the home, amenities or bedroom counts.
Or, you may have to be willing to pay a bit more than you think the house is worth if you find one you really want.
Either way, you have to be ready to go when a house comes on the market. Make your first offer your best one, and be prepared for a little negotiation.
We’ll Be Here To Help When You’re Ready
When you’re ready to quickly put in a competitive offer, make us your first call.
We’ll help you get pre-approved, lock in your rate, and get everything you need on paper for an accepted offer on your dream home.