Is 2021 the light at the end of the tunnel? After what seems like a rollercoaster of a year, many are wondering if the arrival of 2021 will bring back stability to our lives – and the real estate market. While we don’t have a crystal ball to foresee the future, the numbers look promising for this new year! Let’s review some of the real estate lessons we learned this year and predictions to assist your real estate moves in 2021…
Ready, set, sell! It’s a sellers market right now. If you’ve spent the last year slowly improving your home while sheltering in place, that’s wonderful news! Well done investing in yourself and using time wisely! Your patience and hard work will now pay off. The real estate market is currently a “sellers market” meaning there is a high demand for homes. This is great news if you are looking for a fast and profitable real estate investment turn over. Sellers aren’t the only ones looking for change this year.
“Heading into 2021, housing market experts are predicting a year of high demand and rising home prices. After an initial drop in housing market activity last spring coinciding with stay-at-home orders and closed businesses, homebuying and selling rebounded quickly. Buyers are still eager to move, but the lesser supply of homes on the market in many parts of the U.S. is contributing to rising home prices. As a result, it remains a seller’s market that benefits homeowners who are choosing to sell now.” US News
Many people who spent the last year stuck in an apartment or small living space never want to shelter in place that way again! With the unknown future or ending of the coronavirus, people are seeking the comfort of a spacious home that will improve the quality of their life. With so many in search of a new home, the demand for fast sales is a strong prediction for 2021.
Buyer demand, super low interest rates, and a shortage of homes for sale continue to be the perfect recipe for a housing market in favor of sellers. The latest evidence: “More than 1 in 5 home sellers sold their homes above the asking price in September. In a typical year, home sales would begin slowing for the season in September. This year, the share of homes selling above list price in September — nearly 23% — is the highest of any month since at least January 2018 and cuts across all regions, according to an analysis by Zillow economists.” Zillow
Interested in selling your home in 2021?
Selling your home is a major deal by normal standards, but selling during a pandemic can feel overwhelming. Attorneys like Ben Weaver have great relationships with local realtors and real estate agents. These experienced agents have the knowledge of selling during challenging seasons. They have spent the last 12 months working in this unprecedented market. They will have the necessary tools to get your property sold. Not sure how to acquire the right real estate agent that will mesh well with your goals and work with your attorney? Check out our blog to find a Real Estate Agent with your interests in mind!
You don’t have to wait for the springtime like the traditional market. Did you know selling your home during the winter is possible? You may be thinking: There’s lots of snow, daylight is limited and who wants to view a home during a pandemic? This may be some of the doubts you are currently having about selling your property right now. Don’t let these possible obstacles prevent you from successfully selling your home this season! Is it wise to sell property in the winter time? The answer is YES! No matter the weather, selling your home successfully depends on your determination, positive attitude, and the helpful guidance of your real estate attorney. Take a look at our helpful tips for selling your home during the “off seasons”!
Is it recommended to buy a new home in 2021?
Low interest rates are a proven way to protect your finances! Nationwide mortgage rates were extremely low as of the end of 2020. If ever there was a time to take out a mortgage on a home it would be now. With these low rates, it gives a buyer a chance to get their dream home without fear of foreclosure. This would be the safest time to make a long term investment into buying property.
“Mortgage rates are historically low, which means the cost of borrowing is cheap. While 2020 did not surprise with its fair share of surprises, 2021 could still have more surprises in store for us. Still, expectations for the housing market remain generally positive. First, interest rates, which have motivated many buyers in 2020, are expected to remain low and will help ameliorate some of the affordability concerns resulting from rapid home price appreciation seen in 2020. In other words, low mortgage rates continue to provide greater purchasing power, especially for first-time home buyers.” Forbes
Remember to practice social distancing while purchasing a home! There are a multitude of ways to purchase real estate safety. While the pre-Covid-19 methods of viewing and purchasing property used to involve in-person visits, some new norms of homebuying don’t require leaving the comfort and safety of your couch! In fact, 2020 forced the real estate market to become creative in several ways – primarily focusing on how we view homes.
Enter the rapid boom of digitally purchasing real estate! While online home buying has been a thing for a few years, the method of digitally viewing multiple properties and meeting with real estate agents or realtors via video calls took off during the pandemic. Video calls or live tours stand out among the major changes in the real estate market. These live tours with an agent or seller gives buyers an opportunity to tour a home without the fear of potential health risks. Check out our guide to virtual house hunting. Plus it allows you to expand your buying location radius since you don’t need to be there in person! Learn about creating a “new home wish list”! This is just the beginning of how you can purchase your dream home safely…
During March of 2020, Redfin saw such a large surge in video home tour requests: As the coronavirus upends the buying process, house hunters are increasingly relying on Redfin’s virtual technology for viewing and closing on homes. Redfin saw a 494% increase in requests for agent-led video home tours last week, following an 80% increase the prior week, as homebuyers began relying heavily on virtual viewings amid the coronavirus outbreak. As of yesterday, 18.9% of tour requests made on Redfin.com were video-chat tour requests, up from 0.2% at the beginning of March – a 94-fold increase.
Attorney Ben Weaver is here to guide you through the process of buying or selling your home in 2021!
Under “normal” circumstances, attempting a property sale or dual real estate transaction without a real estate attorney can be difficult. Considering the current unprecedented conditions, this process can be especially daunting without a knowledgeable lawyer. Avoid making terrible and possibly irreversible mistakes by hiring an experienced real estate attorney to guide you through the legal process. Never attempt to make such important legal financial decisions on your own!
Haven’t worked with a real estate attorney before? No worries, browse our blogs to learn more:
- Common Real Estate Situations That Require An Attorney
- What Does a Real Estate Law Attorney Do?
- Q&A with Real Estate Attorney Ben Weaver
A real estate lawyer is someone whose job it is to be an expert regarding the rules and regulations related to real estate transactions in your state. In certain states, you can’t buy or sell a house unless a real estate lawyer is present. Real estate attorneys specialize in legal matters related to property, from sale transactions to disputes between parties. They help their clients understand contracts and other legal documents. Attorney Ben Weaver is a proud member of the Illinois State Bar Association and the Illinois Real Estate Lawyers Association, ready to assist you on your journey!
If 2020 has taught us anything, it’s how strong we are and the importance of being prepared! Stay ready for anything life throws at you with the protection of a knowledgeable real estate attorney.
Hiring a reputable real estate lawyer is one of the bests new year gifts you can give yourself! One major lesson learned by all this year: preparation is the key to removing unwanted challenges in our lives. This is a resounding fact when it comes to buying or selling property. By hiring a real estate attorney, you protect yourself & family from overly complicated legal situations or making mistakes.
We are optimistic that 2021 has the possibility to be far less stressful and challenging than last year. But, it will require some footwork on your part. Having experienced attorney help you navigate through the legalities is a must! Be empowered by having the right lawyer on your side this year!
Attorney Ben Weaver is known for going above and beyond for his clients. Whether you request guidance in buying or selling your home, have an estate planning question, or another legal problem in regard to real estate, you’ll need a trustworthy lawyer who cares! As we say goodbye to 2020, let’s embrace 2021 with hope for a promising future.
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Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.