Nearly every industry took a hit in 2020 due to the coronavirus pandemic. One industry that’s bounced back the fastest, though, is the housing market. In fact, last year was a record-breaking year for realtors, with 5.64 million homes sold—a 5.6 percent increase over 2019. This post will cover everything you should know about the 2021 housing price forecast in Alpine, TX.
Higher demand and higher prices
Prospective homebuyers this year face a major challenge: greater demand than ever! With mortgage rates lower than they’ve been in recent memory, a growing percentage of the population is interested in buying instead of renting.
Ideally, demand and inventory would both be at all-time highs, but that’s not the case. While demand is greater than ever—especially among millennials—the inventory just isn’t there. In fact, there were 117,000 fewer listings in March than in the same month in 2019. Even with new home construction up 20 percent over the past few months, there’s just no way for the inventory to catch up with demand at this rate.
Due to high demand and low inventory, home prices are skyrocketing—the median sale price for a single-family home shot up 17.2 percent over the last year. Potential buyers are outbidding each other at record rates, many offering cash to secure the sale over their competitors.
Although experts predict mortgage rates will increase slightly over the next few months, our 2021 housing price forecast in Alpine, TX shows that prices and demand will continue to increase for the foreseeable future. While this is great news for sellers, it’s a tough pill to swallow for people looking to purchase a house.
Should you buy or build?
Buying an existing home might not be in the cards this year—so why not build your own? There are pros and cons to both buying and building, so it’s important that you weigh your options.
As long as you’re able to find the right house and outbid your competition, purchasing an existing home is relatively convenient and fast. The process is further streamlined when you work with a qualified realtor who can handle all of the heavy lifting for you. As long as you find a move-in-ready home, you can be set up in your new house as soon as all the paperwork is signed.
If you’re unable to buy one off the market, building a custom home is your next best option. When you build a home, you get to choose every detail of your living space. You also have the advantage of living exactly where you want—there’s no settling for a lesser location when you build! However, building does take longer and can cost more than buying an existing home.
Let us help you find your dream home!
If you’re tired of going to countless open houses or dealing with realtors who don’t put your needs first, call our team at Carpenter Real Estate. With decades of experience in the area, we’re experts when it comes to the 2021 housing price forecast in Alpine, TX and helping you find a home. Contact us today to learn more about our vast inventory of homes and lots for sale.