Mortgage Interest Rate projections for 2021
Most homeowners are more optimistic about real estate in Arizona now that COVID-19, Now that the Vaccines are here that may come true! According to Fannie Mae 2.8%, Freddie Mac 3%, MBA 3-3.3%, NAR 2.9-3.2% mortgage interest rates in 2021 are projected to remain near 3% in 2021. This will fuel strong buyer activity. Also sellers waiting out the pandemic will now have an opportunity to move up, move down, or move closer to family.
2021 Home Sales Projections
Most sellers and buyers are planning on home sales to remain strong through 2021, experts like Fannie Mea are planning a slightly higher projection, but NAR National Association of Realtors has a strong jump from 6.34 million for 2020 to 7.06 in 2021. This is not the highest projection that goes to MBA coming at a whopping 7.17 million for 2021. National numbers, so more than likely Arizona being a positive population growth state, these numbers can be beat!
Perhaps with all the experts planning similar outcomes for 2021 we can also remain very optimistic that unemployment can improve in Arizona, real estate construction paving the way for a great economy in Arizona. Keeping people moving this way, and places like Surprise AZ, growing at a rapid pace and very desirable place to call home!
Arizona Home Price Projections 2021
Home prices in Arizona have the chance to remain moving up in record numbers again in 2021. Mainly fueled by low mortgage rates, and low inventory. Freddie Mac +2.6%, Nar +6%, this is definitely a wide spread between the two.
People planning on moving at the absolute top of the market are going to have a challenge figuring that out! If COVID-19 Vaccines bring Arizona back to health and people can go back to work, unemployment can improve, we can have another great year for home prices.
Perhaps expert forecasts should be one of the many things you should look at when buying or selling a home. Also, plan long term, don't treat a home like a stock. Talk to your CPA, and Financial advisor before making a move. Make sure you can afford a home through another downturn in home prices. Then when you need to move you can.
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