Real Estate Tidbits for Spring 2021

Dated: April 22 2021

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A record 36% of homes sold above their list price in February, 2021

The number of new listings dropped 16.4% Year over year, the second largest drop on record

Current Activity

Federal Reserve Bank plans to keep rates near zero thru 2023

It now expects the economy to expand 6.5% this year, up sharply from its previous projection in December of 4.2%. And the Fed raised its forecast for inflation by the end of this year from 1.8% to 2.4% after years of chronically low price increases.

They foresee unemployment falling from its current 6.2% to 4.5% by year’s end and to 3.9%, near a healthy level, at the end of 2022.

Biden proposed an “up to $25k credit for first time home buyers” In the Obama years, the government granted 10% of purchase price.  Early recipients of the Obama credit actually had to pay back the credit where those who acquired it later in the program did not.

To qualify, the buyer(s) and their parents must not have owned a home in the last three years. More on this information here.


Check out htis Article on who’s buying single family homes.

Millennials (born between 1981-1994) made up the largest group of home buyers in 2020

18% of Gen Xers (born between 1965-1980) bought a multigenerational home.  

Less than 20% of Boomers and Gen Xers purchased brand new construction.

 

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Eric Groff

What are you passionate about? What drives your motivation? You deserve an agent that advocates for YOU! You need a resourceful agent that provides timely solutions. You need a strong negotiator i....

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