The real estate industry evolves every year, with new regulations, laws, technology, and trends affecting borrowers and homeowners. Realtor.com Economist Danielle Hale expects home sales to surge another 7% and home prices to rise another 5.7% above 2020 levels.
Demographics and housing supply are key pieces to continued growth. Younger Millennial and Gen-Z buyers likely will play a growing role in the housing market. Prices, and higher rates, will create barriers to entry for the many first-time buyers in these generations who haven't yet built home equity. While builders are expected to increase production for single-family homes by another 9% in 2021, the market will remain seller-friendly. Buyers will still enjoy relatively low rates and an eventually improving selection of homes for sale.
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