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Will We See A Cary, NC Housing Market Crash In 2021?
Dated: February 26 2021
- Wondering what to expect in the 2021 real estate market, and are we going to see a housing crash in 2021? Now, I've seen many different markets over the past 18 years, and this has been one of the more unprecedented and, frankly, unfamiliar markets that we've seen.
So if you look this housing market recovery index from realtor.com, you'll see a V market, which is just as predicted back in March 2020, when the pandemic first began. The market has recovered and is even looking better than when the pandemic first started. Back in March, the index was at 106.5, and now we're at 112.8. Yes, there was a definite dip in the housing market when the pandemic first started. But now, as you can see here, the market dipped and then took a strong and steady rise. We're now in stronger territory than back in March before the pandemic began.
This analysis measures four things, one being the demand of homes, meaning are buyers wanting to buy? Two, it measures the supply or inventory, the number of homes on the market. It also analyzes pricing. Are home prices going up, or are they going down? And lastly, the housing recovery index measures time on market.
Inventory and interest rates are, in my opinion, some of the strongest indicators of why we're seeing such an increase in housing activity. There's a definite lack of supply and high pent-up demand because of interest rates still being at all-time lows.
The number of active forbearances has been declining almost each month. Also, if we look at when homeowners exited their forbearance plan, you'll see that 54.6% are paid in full, 30.7% are working out repayment plans, and 14.7% are still in a little bit of trouble. The thing to be concerned about is that 14.7% could well turn into short sale or foreclosure, so that is something to be made aware of.
The market is still crazy hot, and buyers are active. Look out for more information about the housing market and how it may affect you. I'm Justin Hemker with The Namas Team brokered by eXp Realty. Reach out anytime if you've got questions. We'd be more than happy to help. And remember, "We want you to love where you live."
Justin Hemker is a Triangle Area Real Estate sales and marketing expert. You will have a hard time finding a Realtor who truly cares for and works harder for his clients, has more passion for his job,....
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