Will the market continue to Rage in 2021?

Dated: January 12 2021

Views: 100

As a realtor, one of the most asked questions, to me is "How's the Real Estate Market?" and as you can imagine there are multiple ways to answer. There is a short answer "Great, depending on where you are looking," and the correct answer which is more of a redirection of the question to the person asking the question, "That answer depends on where you are looking, and what type of property you are looking for. Where are you looking to purchase?"

The purpose of the redirect is not to boomerang a response, yet it is a way to get more detail about the underlying request. In 2020 the real estate market was turned into a battle royale, pitting buyer against buyer, residents against out of staters, all with the expressed aim to garner the one house available, in the area they liked, close to the price range they could afford. For many, this was exhausting, discouraging, and downright demoralizing. There are stories of offers going well above asking, not getting accepted, or in my case, a few that were verbally accepted after hours of negotiating, only to get sideswiped by a "stronger" offer, in the 11th hour. 

So, what does 2021 hold? Will it continue the war of houses, the battle to be the winning offer, with multiple offers on most listings? There are those who wish to continue dawning the war paint, battle-ax aka Bic pen in hand. There are also those, who dream of normalcy, a hot Spring, warm Summer, and lukewarm Fall and Winter markets. While only time will tell, the thought is that the trend will continue, due in part to the continued insecurity about the pandemic and vaccine distribution, as well as, the financial distress being caused by it. 

Record low inventory throughout the state, with increased demand from out of state buyers, added to those residents looking to downsize or level up may continue the trend in the "Sellers Market" arena. If that is the case, "You may take our Offer, but you can't take our Freedom!" 

Blog author image

Wali Muhammad

I have been in Connecticut for over 30 years and have lived in Hartford, Middlesex, and New Haven Counties. I pride myself on knowing the market, having the drive to deliver results and the desire to ....

Latest Blog Posts

Will the market continue to Rage in 2021?

As a realtor, one of the most asked questions, to me is "How's the Real Estate Market?" and as you can imagine there are multiple ways to answer. There is a short answer "Great, depending on where

Read More

Dear Seller, I love your house

A buyer’s love letterI know this may sound old school, and classify me as a “Boomer”, but a written letter to a seller of a home as part of your offer is pure gold. There are very

Read More

Why do I need a Background or Credit Check to rent?

Just imagine this scenario...you are going to let someone, you don't know, live in your home. You are then going to trust that this person is going to be responsible enough to pay part of your

Read More

Why do I need to sign a Buyer-Broker Agreement?

Are you afraid to be exclusive...with your Real Estate Agent? Is it because of the possible long term commitment? If you answered yes to either of these questions, let me assure you, that this

Read More