The chief economist for the Virginia Association of Realtors predicts that the 2021 Virginia real estate market will be strong. The rise in COVID-19 cases and their effect on the economy certainly makes us cautious about making predictions for 2021, but other factors such as low inventory and historically low interest rates point to a strong 2021 market. According to the Virginia Association of Realtors, there is no indication that a substantial increase in inventory will happen, and if the COVID-19 vaccine helps curb the pandemic, we could see even more buyers come into the market. Some people are worried that interest rates will increase if we’re able to curb the spread of the virus. However, the Federal Reserve has given every indication that interest rates will remain low throughout next year and beyond.
Overall, our lack of inventory and low interest rates should keep the market healthy and resilient next year, and I hope we can get COVID-19 under control so that I can finally see you in person at one of my events!
If you have any real estate questions, please don’t hesitate to reach out to me. I’d be happy to help you.
