Home Buyer optimism for 2021 is high after an interesting 2020.
According to an article by NerdWallet, 11% of the 2,000 people polled for their Home Buyer Report said they plan to buy a home in 2021.
Note: This poll was conducted in December 2020.
Key points found in their survey:
- COVID-19 caused 39% of homebuyers to postpone or cancel their plans to buy a house in 2020.
- Supply of homes was down a large amount, which created a hard market for buyers – nationally listings were down 26% from 2019.
- With many businesses going remote for work during the pandemic, and 44% of Americans having worked remotely at some point since March 2020, buyers are planning to buy a home in a different location if their ability to remote work continues.
- Home repairs and maintenance expenses are big stressors for newer buyers. 41% of those who purchased a home in the past year say the possibility of a large home repair is their largest financial concern.
If you are thinking about buying a home in 2021, it is important to understand that it is possible that the supply of listings may not grow. There is the potential that there could be bidding wars in certain real estate locations in 2021.
If you are considering buying a home in Timonium or Towson, please contact me. I would be happy to help!