With everything that happened in 2020, it would not be a surprise if the real estate market suffered. However, despite record unemployment and a recession, the housing market fared very well last year. In fact, 2020 had the highest home sales on record since 2006.
If you are in the market for a new home, you may be thinking, how is that possible? It is so hard to buy right now because of low inventory!
However, that combined with record-low mortgage rates fueled buyer interest. Homes sold more quickly and for more money last year—and the trend is likely to continue.
While Realtor.com primarily looked at national averages, Florida Realtors provided information about regional markets. For those who love the Tampa area, it is no surprise that our real estate market fared very well in 2020. Pinellas County saw single-family home sales increase by 6.7% year over year, while Hillsborough went up 12.1%, Pasco 15.7 percent, and Hernando 16%.
Thankfully, with the ongoing distribution of two vaccines and a third on the horizon, potential home sellers may feel more comfortable listing their homes. This will allow more buyers to find their dream homes! Experts expect that housing inventory will increase by the end of this year.
If you are looking to take advantage of continued low mortgage rates, let’s talk about what you are looking for in a home!