Just as is the case of the real estate markets all over the country, if you are a seller, the market is both bullish and buoyant. Buyers, however, may be really feeling the squeeze when they try to find affordable housing.
Below are three of the hottest trends to watch for in 2021:
Mortgage rates remain low
The fixed mortgage rate will remain well below 3% — the lowest mortgage rates in the past half-century. What does this mean practically for buyers? Do your homework and shop around for the best rates and terms for your situation.
Inventories will stay sparse
Those looking for homes to purchase have become so desperate that they have resorted to formerly unheard-of tactics like making offers before they even tour the properties. In fact, some listings are so hot that they don’t remain on the market for a full day. Is it risky? Sure, but some are jumping in with both feet anyway.
Millennials spark much of the growth
Times passes swiftly. The oldest of the millennial group are now in or approaching their mid-30s. That’s the traditional time that those who have been renting begin searching for their starter homes. In many cases, their buying power may surpass that of baby boomers facing retirement and a sharp drop in incomes.
What this means for Scottsdale buyers
It means to strike while the iron is hot but protecting yourself and your investment as much as is possible can make the difference between scoring your dream home and dealing with a lemon later. Your real estate attorney can help you navigate the tricky shoals of the Scottsdale real estate market.