Real Estate was a hot topic in Washington over the course of 2020. From predictions, to rising home prices, and a foreseeable crash, there was a lot to talk about. While many things throughout the year may have been less than ideal, one positive that is undeniable is that even with a worldwide Pandemic, the real estate market did not see the crash that was expected unlike the Recession between 2007-2009 where many Americans lost their homes and Real Estate tanked. Let’s take a look back at the year of 2020, here is what happened in regard to Real Estate within the U.S throughout 2020.
#1. Increased Prices
Nearly all states saw increased homes prices and according to Zillow the average home increased in price by up to 6.6%.
#2 Leveled Off
After the initial increases in price, homes started to level off and further increases were not made for the last quarter of the year, however, home prices were still at the initial increased amount and holding value.
#3 Interest Rates
Interest rates hit an all-time low, with rates as low as 2.6% on approved credit. A huge drop from rates a few years ago that were between 5-7% causing a stir frenzy of new home purchases.
Homeowners all across the country scrambled to re-finance at the new low interest rates, many of which ate the closing costs to lock in the new rate despite the time difference that was needed to break even.
#5 Defied the Odds
With the global pandemic real estate was predicted to crash, however, the real estate boom of 2020 was one of the biggest years for real estate despite COVID19 and professional predictions that were made.
#6 Market Slows
While the second and third quarter saw increased volume in real estate, the fourth quarter slowed. Likely due to the Holidays and the second wave of stay-at-home orders.
Despite the challenges that 2020 brought, the Real Estate Market is thriving and healthier than ever. As the New Year begins new predictions and projections have been made. Many professionals agree that the Real Estate Market in 2021 is expected to boom and continue to see growth and increased home values following the success of 2020.
If you’re ready to bring in the New Year with a new home, are ready to list your property with a qualified seller’s agent or have any questions regarding the Real Estate in Southwestern Washington, please feel free to contact our office at any time.
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