Last Updated on November 18, 2022 by
With housing prices up nearly 8.3% this year already, navigating the housing market in 2021 is no easy feat. Between extremely high offers, drive-by appraisals, and immediate closings, it’s as if you’re working a full-time job to buy a house. And for those looking to sell, you have to have a place lined up already or you’re going to be out on the streets.
Here is everything you need to know about the housing market in 2021.
Offers Don’t Equate To Final Sale Price
When someone places an offer on a house, it means this is the price they’re willing to pay so long as everything checks out during the inspection. Many areas are seeing drive-by appraisals, so you’re not likely to see a decrease in value from there.
But if you get into the house and the roof is caving in and the septic tank is about to blow up, then you can start negotiating down. If you’re the seller, you have the option to deny these offers and instead wait for someone that will pay for it.
The Closing Process Moves Fast
There has been an influx of people paying in cash for their new properties. Because of this, you should expect the closing process to move fast. Whereas the closing process use to take around 30 days or so, you can expect to get the process done in as little as 7 days.
This will only happen in the event that everything checks out in the house. Or if the person buying decides they would rather close faster rather than try to negotiate.
If you sell the house when the person doesn’t care about the condition, you’re selling the house “as-is”. You can learn more about selling your home as-is with this article.
Some States Have a Hotter Market Than Others
Not all real estate trends are positive right now. The real estate market in certain states like New York, New Jersey, and Illinois is seeing people leave in masses. Prices in these areas have dropped because there are plenty of people selling their houses, but not enough moving into the state to keep the prices high.
On the other hand, states like Florida, Texas, and Idaho are seeing mass amounts of migration. Florida and Texas do not have a state income tax, which makes it appealing to retirees from the northern states. This also makes it appealing to entrepreneurs who are looking to start their own businesses.
The Housing Market In 2021 Shows No Signs of Slowing Down
The housing market in 2021 is not showing any signs of slowing down. When you find a house you love, prepare to move fast to place an offer and start the closing process. Eventually, things will slow down, but no one truly knows when that time will come.
If you want to learn more about the real estate market in 2021, then be sure to check out the rest of the blog. Know someone interested in buying or selling their home? Share this article with them so they can prepare themselves for the craziness ahead.
Read More: The Home Buying Steps: A Simple Guide
