logo
Google Play App Store
Log In subscribe and/or renew Eeditions
  • Home
  • E-Edition
    • This Week Newspaper
    • Archives
    • Local Shops
    • This is Westfield
    • Search the Archives
  • News
  • Opinions
  • Sports
  • Community
    • Life Events
    • Community Calendar
  • Arts & Entertainment
  • Obituaries
    • Submit an Obituary
  • Classified
  • Legals
  • Advertise
    • Advertorial
    • Paid Political
    • Sponsored Content
  • subscribe and/or renew
  • Contact
    • Home
    • E-Edition
      • This Week Newspaper
      • Archives
      • Local Shops
      • This is Westfield
      • Search the Archives
    • News
    • Opinions
    • Sports
    • Community
      • Life Events
      • Community Calendar
    • Arts & Entertainment
    • Obituaries
      • Submit an Obituary
    • Classified
    • Legals
    • Advertise
      • Advertorial
      • Paid Political
      • Sponsored Content
    • subscribe and/or renew
    • Contact
  • Home
  • E-Edition
    • This Week Newspaper
    • Archives
    • Local Shops
    • This is Westfield
    • Search the Archives
  • News
  • Opinions
  • Sports
  • Community
    • Life Events
    • Community Calendar
  • Arts & Entertainment
  • Obituaries
    • Submit an Obituary
  • Classified
  • Legals
  • Advertise
    • Advertorial
    • Paid Political
    • Sponsored Content
  • subscribe and/or renew
  • Contact
    • Home
    • E-Edition
      • This Week Newspaper
      • Archives
      • Local Shops
      • This is Westfield
      • Search the Archives
    • News
    • Opinions
    • Sports
    • Community
      • Life Events
      • Community Calendar
    • Arts & Entertainment
    • Obituaries
      • Submit an Obituary
    • Classified
    • Legals
    • Advertise
      • Advertorial
      • Paid Political
      • Sponsored Content
    • subscribe and/or renew
    • Contact
What Should We Expect The Rest of 2021?
Sponsored Content
SUSAN MASSA BROKER ASSOC. on
June 16, 2021
What Should We Expect The Rest of 2021?

2020 started with a promise of a great real estate market – then covid hit, but that did not stop home sellers and buyers. Pivoting quickly, the real estate market exceeded expert opinions. That continued the first half of 2021 and broke records along the way. The question in people’s minds is, “can this continue?” Here’s what I know so that you have knowledge and can succeed in 2021.

Interest rates will continue to be the lowest we have seen thought 2021 and continue in the first quarter of 2022. The mortgage rates were the driving engine of the start of the 2020 booming real estate market. With rates so affordable more people than ever were able to find their dream home, buy another, trade up or trade down. Granted, prices of homes increased 10-13% but you need to consider that the monthly cost of $1,000 per month at a mortgage rate of 3.25% 30-year term is $4.33 ** (a Starbucks grande latte or macchiato) **. A mortgage of $350,000 equals $1,515.00 a month. Because of this, the buyers were eager to find their homes and sellers to sell their homes. The low mortgage affordability increased the number of first-time homebuyers into the market.

Supply of homes coming to market is keystone to this market. Now that the covid vaccines are at 80% and at a point of no masks if vaccinated, the work force going back to work and economy on fire we may find more inventory coming on the market Whether it’s the reluctant homeowner who waited out the pandemic or the brand spanking new homes from the builders – more inventory will be welcomed. Other recent market trends show that more sellers than normal are planning to list their homes for sale in the next 12 months. With this trend, homebuyers will certainly have more options to choose from especially in this challenging housing market.

It’s a simple case of supply and demand. When high buyer demand meets low inventory, home prices will appreciate. Last year, however, we saw it at a faster-than-usual pace averaging about 9%.

For 2021, projections that we will continue to see appreciation and may be at a slower pace that’s reflective of a more balanced market. While some may be worried that the rapid acceleration of home values means we’re heading for another bubble, remember that context is everything. With the end of the pandemic in sight, inventory levels should rise and home prices to appreciate at a steadier pace.

The bottom line: despite everything that has happened, the real estate market not only survived, but thrived, playing a big part in our economic recovery along the way. The next 9 months are just as promising, with interest rates expected to remain low, buyer traffic staying high and inventory levels predicted to rise. So, if you are thinking of a move, now is a great time. All the stars are aligned.

Visit: njhomeshowcase.com.

ePaper
coogle_play
app_store
ePaper
coogle_play
app_store
Most Read
Main, News
1958 Cuban Cuisine Reopens Following Mandated Closure
By KATIE MOEN 
Thursday, September 11, 2025
WESTFIELD — 1958 Cuban Cuisine, a Westfield restaurant that was cited for unsanitary conditions last month, has reopened with a satisfactory rating af...
this is a test
Main
Clark BOE Prepares for Referendum, Nov. Election
By KATIE MOEN 
Thursday, September 11, 2025
CLARK — Clark residents will be heading to the polls next week to weigh in on a $34.8 million bond referendum that school officials say will help to c...
this is a test
Paid Political
Westfield Would be Lucky to Have a Mayor Like Jeremy Berman
Wednesday, September 17, 2025
I am proud to submit this letter in support of Jeremy Berman for mayor. My family and I moved to Westfield in the summer of 2020—a time that was anyth...
this is a test
Summit Area Old Guard To Host Guest Speaker
Community, News
Summit Area Old Guard To Host Guest Speaker
Thursday, September 11, 2025
AREA – On Tuesday, September 16, at 9:30 a.m., The Summit Area Old Guard will welcome our member James T. Clemens, PhD, physicist and former AT&T empl...
this is a test
Mountainside District Team Secures Championship
News, Sports
Mountainside District Team Secures Championship
By SERENA BROWN 
Wednesday, September 17, 2025
MOUNTAINSIDE — The Mountainside Council acknowledged the accomplishments of a district little league team on Tuesday, congratulating the second- and t...
this is a test
This site complies with ADA requirements

© Copyright The The Westfield Leader

  • Contact
  • Privacy
  • Accessibility Policy
This site complies with ADA requirements

© Copyright The The Westfield Leader