2021 Housing Market Trends

The pandemic continues to shape the housing market and consumer preferences. In many cities across the nation, inventory shortages persist as buyers look for homes that accommodate remote work and their desire to take advantage of low mortgage rates. Agents anticipate that the vaccine's wide distribution will boost consumer confidence and encourage more sellers to list their homes later in the year.1

When Married and Applying for a Mortgage

Homebuyers often wonder if they should apply jointly for a mortgage. If one spouse has poor credit, it may make it more challenging to qualify for a loan or cause the interest rate to be higher. When the spouse with the stronger credit applies on their own, it can save borrowers thousands over the life of the loan.2

Housing Market: Construction Activity Soars

Homebuilders nationwide are trying to keep up with the seemingly insatiable demand for housing. Compared to December 2019, housing starts are up 5%, and permits are up 17% - the highest level housing starts and building permits have reached since 2006.3

Kitchen Storage is in Demand

Homeowners report that renovating their kitchen to create more storage is their top priority. The focus of these renovations involves upgrades or additions of cabinets and pantries - especially the walk-in variety. With people spending more time at home, residents are eager for their kitchens to work better for their lifestyle.1

Sources: 1Realtor Magazine, 2The Mortgage Reports, 3Realtor.com