The third Real Estate Market Prediction for the U.S. in 2021 from CoreLogic’s Chief Economists is that home prices will continue to go up but not as quickly as what we’ve seen recently.
Hi, I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station, and listen, I’ve been involved in hundreds of real estate transactions and I trust Corelogic because they base their predictions on data and analytics, not the news. According to CoreLogic Home Price Index, home prices went up about 7% in 2020. CoreLogic expects continued growth in appreciation in the first half but feels it may slow down just a bit in the second half of the year, averaging around 3.4% cumulative growth in 2021 in our national index where employment factors rely heavily on travel, hospitality, entertainment, and eating out, like Las Vegas or Orlando have been hit harder so he feels we may see a bit of a decline in those areas, the homes may not appreciate as fast.
It’s important to understand The CARES Act and Mortgage Forbearance. Forbearance temporarily pauses mortgage payments to provide relief for individuals struggling financially due to what’s happening globally right now. This is a deferment in payments for up to 12 payments or 360 days. There are various ways to pay back those payments and continue to make payments on the home. So hopefully at the end of the term, most individuals’ income has been restored and it is business as usual. Be aware these forbearances could turn into foreclosures and short sales and this is a whole other topic.
I hope this was helpful. Be sure to search our YouTube channel, Sherri Echols Realtor, and subscribe for all 4 Real Estate predictions for 2021. Reach out to us at any time for anything as we are always here to help. I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.