Should I Buy A Home in 2021?

Posted by jamella in Market Trends/Tips and Advice on November 9, 2020

After the year that SoCal has had with the COVID-19 pandemic and then wildfires throughout the state, buying a home is something that many residents are thinking twice about in the next year. Before you decide against making that home purchase, consider the benefits of purchasing a home in 2021.

2021 Is The Year To Buy

After everything that the United States and the rest of California experienced with the global pandemic, 2021 will be a great time for those looking for a new home in SoCal to take advantage of the housing market. There are some homeowners, both current and new, who will have reservations about making a purchase after the way the pandemic hit the country unexpectedly, but moving forward with COVID-19 is something that the housing market has adjusted to and continued to thrive despite the odds.

30-Year FRM

Because of the effect that the pandemic had on the market this year, lower 30-year fixed-rate mortgages are expected across the state. Current rates in California are at a record low and the housing market has continued to rise despite the economy being under a significant attack due to the COVID-19 pandemic. With the current rates available, the risk for many has proven to be a reward and is lower the risk blow for those hesitant about making a purchase.

Buying A Residence vs. An Investment Property

Even those looking to extend back into the real estate market for investment property reasons will find 2021 to be the right time to make a purchase. With a number of houses currently sitting on the market, the prices will mark down significantly by the turn of the new year, making it one of the best times in history to take advantage of investment properties in SoCal. Even homes that may require additional work will be worth making the investment and flipping for rent or resale. This is huge considering that earlier on in the year the market took a hit from homeowners buying second or third homes for investment properties.

Election Outcome

With the Presidential election underway and a projected winner currently on the table, no matter which candidate is elected to the White House, the housing market in SoCal is continuing to show records signs of being healthy and remaining a good market for home purchases. With each candidate having their own policies to consider, the fact remains that as 2021 approaches and the year begins, there will not be any immediate changes to the market, and the current low rates that homeowners are taking advantage of will still be available in 2021.

Biden Presidency & The Housing Market

With the election results solidifying a Biden Presidency in 2021, the housing market is expected to endure a rise from this election. Larger cities across the nation that has had a lull in the real estate industry due to COVID-19 have experienced gradual rises in home purchases late in the year. This administration has shown support for tax bills and the 30-year FRM expected in California. Under this administration, tax bills will stabilize and allow homeowners and potential homeowners to purchase new homes or their first homes with ease and confidence. 

COVID-19 Will Start To Make An Exit

With the release of the COVID-19 vaccine, hope for Californians is on the way. With several developers working on and finalizing the vaccine, it will not be long before it has a broad release throughout the country. Currently, the most at-risk patients and front-line healthcare workers are scheduled to receive these vaccines right away, Beginning in early 2021 and throughout the year, this vaccine will be available for all citizens. 2021 will be a better year for the SoCal community and the rest of the state of California with life getting back to a level of normalcy and stability so that more residents are comfortable making home purchases. 

2021 Is Your Year

Despite all of the hurdles and disasters that plagued the globe this year, next year is already shaping up to be better in so many ways. Being confident to take that step and purchase your first home or make a new home purchase that your family desperately needs is no longer as far away as it once was. All forecasted signs show a positive bump happening in the housing market next year. With the recent election results of a Biden presidency and the release of the COVID-19 vaccine, those forecasts are looking more like realities. 

Any questions  you may have about purchasing a home in SoCal area for 2021, our team at Houzerz are able to assist you. We understand the concerns you may have and want you to know that we have your best interest in mind when looking for your perfect SoCal home. Give us a call today for more information and let us help you get started today find the perfect home. 

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