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Spurred by low interest rates, housing market expected to remain hot in 2021

Michigan Senate Bill 243 would provide property tax relief to struggling businesses and residents
Posted at 9:09 PM, Dec 22, 2020
and last updated 2020-12-22 21:09:06-05

The housing market has been strong in 2020, but as we head into 2021, it seems the market will continue to buck all home buying and selling trends.

“It used to be true the home buying season was spring or summer when kids are out of school,” says Daryl Fairweather, chief economist for Redfin. “The pandemic has changed all that.”

It's her job to study the market, follow migration patterns, and make sure both agents and customers are informed.

“I predict that the early winter -- January, February -- is going to be an unusually busy home buying and selling season,” Fairweather says.

Fairweather said people can move anytime and they're eager to get it over with when they've made the decision to relocate.

“People want to move to places that really fit their preferences whether it's a beach town or a lake town or to be closer to their family, people are moving to places that they really want to live in, not just places that are close to the office,” Fairweather said.

Jordan Thomas bought a home while the market has been hot.

“It's a very quick process, buying was extremely competitive,” Thomas said.

Thomas said she was among the many who decided the time to buy is now.

“Because the interest rates were so great, I was able to get a really great deal on a larger home for myself,” Thomas said.

She was the first to put in an offer on her Houston-area home. Six more offers followed that same day.

“Because I was the first to put in the offer and I was aggressive with what I put forth, the first time around was the reason why I ended up getting the home,” Thomas said.

And true to Fairweather's prediction about what people want in a home, Thomas was ready to renovate. Like others, she wanted an updated, larger kitchen and a bigger home office.

“Two days after I closed on my home, I handed the key over my contractor and said ‘go to town,’” Thomas said.

If you're looking at one of those "hot markets,” places like the suburbs, vacation towns, or mountainous and lake areas, Fairweather said, “My advice to buyers is that timing matters.”

Fairweather added that buyers should be ready for competition.