What Does Your Affordable Home Warranty Company in Arizona Expect for The Real Estate Market
COVID-19 changed many facets of the real estate industry. From virtual tours to online closings, it will be interesting to see how the market changes with a new normal. If you’re thinking about selling or buying a home, consider a top rated home warranty company in Arizona to protect you from unexpected repair costs that can put a dent in your budget. Here are some trends we’re predicting to see in 2021.
Low Mortgage Rates
Mortgage rates are at record lows, so it’s a great time to refinance or buy a home. We expect to see rates remain stable through the year, giving homebuyers time to take advantage of great rates. It should help first-time home buyers get in the market and contribute to those who are ready to trade up to a larger home.
Sparse Inventory
It’s a seller’s market. Stable and low mortgage rates are pushing home buyers to make offers, but with a low inventory, prices are on the increase. Many homes for sale get contracted pretty quickly. Good news for sellers; not-so-much for buyers. An affordable home warranty in Arizona on your home adds leverage to your selling price.
The Commercial Real Estate Market May See Issues
COVID-19 impacted small businesses from many industries. Retail, offices and restaurants were forced to shift their business models. The commercial real estate market is a concern, especially as workers discovered working from home is an option. There could be opportunities for entrepreneurs, but the market may need time to rebound.
The Rental Inventory Remains Low
Not only are there fewer homes for sale, rental homes are facing a low inventory. If you want to hold on to your home and can rent it out, this might be the right time to use your equity in the home to leverage your next home. Rent income is at a premium, which gives you a great opportunity to bring in more income. It makes sense to look at the numbers before making a final decision.
The Residential Real Estate Market Should Remain Strong in Arizona
Both the northern and southern Arizona markets should be hot over the next year. Although inventory may be low, buyers are looking for homes. The buying season should peak in the summer, just as we’ve seen in the past. There may an influx of new home buyers who want to relocate to a housing market where they can get more house for their money.
The real estate market is seeing a new normal with COVID-19. The home has become more important for families as a place of living, entertaining and working. Buyers aren’t waiting for COVID-19 to come to an end as they want to find their sanctuary.
Find a Top Rated Home Warranty Company in Arizona
Find the best home protection plan in Arizona with HomeGuard, HomeWarranty, Inc. to protect your home and investment. Contact us today for to discuss the affordable home warranties and many options we offer to customize your home warranty. Call 1-866-993-2301 or send us a message.
