Home prices remain steady but should begin to drop slightly in the second half of 2021.
While home prices are expected to fall slightly in July 2021, economists say this will not affect all markets in the same way. Housing pricing will depend on many factors, including how each state recovers from the pandemic. Once you decide to move forward with your home search, start by getting pre-approved for a mortgage so you can pinpoint your price range and narrow down the neighborhoods within your budget.
Get pre-approved for a Wells Fargo mortgage
Housing inventory is low but may improve.
Simply put, there are fewer homes than buyers in the market. While the number of new home listings has increased, these homes are quickly sold to eager buyers. If you’re pre-approved, you can compete more effectively in the race to buy a home. For example, if you’re pre-approved and in the middle of a bidding war for a home, you’re more likely to get the house over another buyer because you’ll already know the price range of the loan for which you’re approved.
A real estate agent is an essential part of the buying process.
With home inventory low and the search process still virtual in most markets, using a real estate agent to find the right home is critical. Your agent will help you navigate the trends in your area, find the best options to match your needs and negotiate the best deal possible with the seller.