What’s Our Outlook on the Market?

Here are our team’s thoughts on the real estate market at the end of 2020.

Our team got together recently to discuss the current state of the real estate market as we head toward the end of 2020 and into 2021. 

The first thing to know is that demand is strong among millennials. They’re reaching the point in their lives where they’re getting older, settling down, and purchasing homes. We all know that the cost of living has gone up over the years and they’re starting to realize that buying is cheaper than renting.

We predict some more stability in 2021.

Another thing that’s keeping demand strong is interest rates. They’re at an all-time low right now, which is bringing in more buyers and making homes more affordable. 

At the end of the day, history shows that this is a normal thing as we head into the fall. This has been an uncertain year, which has led to people not making as many big life decisions. We predict more stability in 2021 and, hopefully, we can get back to normal life moving forward.

In Central Pennsylvania, we’re continuing to see strong, steady home appreciation. With that being said, we expect inventory to remain low for now until some of these mortgage forbearances end and some sellers will need to sell to avoid a foreclosure or short sale. 

If you have any questions about the state of our market or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.