Over the past year, we’ve seen many changes to the real estate market. COVID-19 had many people re-evaluating their wants and needs in life. For some, that meant accelerating the timeline on homeownership; for others, selling their current home and downsizing was the smartest move; and many people searched for their dream vacation home, needing an escape from the city and the hustle and bustle of modern life.
Home sales were up 19.3% in January 2021 in comparison to the previous year. The hot housing market that began during the pandemic has remained steady. This is particularly remarkable, notes Randy Guida of Residential Mortgage Services, given that inventory is down 6%, with only 307,000 new homes for sale at the end of January.
So, what does this housing market update mean for you?
Consider Buying Land
With record-low inventory levels for homes across the country, it’s a great time to finally build that dream home. Yes, building your own home takes a lot of work. But it’s also a chance to be fully involved in how your home looks and feels. In the Bethel area, there are lots of home sites available. Here at Sunday River, we also have the new Merrill Hill development – with very few spots left!
If you’re still committed to buying a home, recognize the process may take time. Given the housing market and low inventory, you may be on the hunt for a while. Instead of letting this get you down, however, spend the extra time really nailing down what you want in a house and making sure to line up all your finances. That way, when the right place does come around, you’ll be fully prepared and more likely to be the winning buyer.
It’s a Good Time to be a Seller
If you’ve been on the fence about selling your home, let this be the little nudge you need. This is a good time to be a seller, with less competition than the average market. Whether you’re ready to sell your vacation home for something smaller, or want to change locations, it’s time to take that leap.
So – how can we at Sunday River Real Estate assist you? Our team of experts can help you navigate the housing market no matter what route you’re taking – be it building, buying, or selling.