2021 housing market trends: real estate experts say to buy, refinance now

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Published: Feb. 4, 2021 at 5:42 PM EST
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GAINESVILLE, Fla. (WCJB) - From a pandemic-driven shutdown to record-breaking sales-- the North Central Florida real estate market is facing drastic changes.

“I do remember back in 2008 when the market crashed-- in order to bring the economy back up, there was a home buyer tax credit,” said broker and owner of Ocala Realty World, Elisha Lopez.

Now with the country facing another economic crisis with the pandemic, President Joe Biden has proposed a $15,000 first-time homebuyer tax credit. If passed, the money would be available to buyers at closing, so they would not have to wait until filing their tax returns before collecting.

“Homeownership is actually going to become so easy for so many buyers who were not able to purchase because they didn’t have the funds to do so,” said Lopez.

One of the biggest trends to keep an eye out for are changes in inventory. Florida saw an all-time housing inventory low in 2020-- with the state ranking number three in a list of the top five states with the largest housing supply deficits.

“We were hoping after the New Year that inventory would increase and sellers that were ‘sitting on it’ would start listing their property ... but it looks like this is how it’s going to be for a while with the low inventory,” said Lopez.

The major trends? More building, more buying, and less inventory. The bottom line? From a real estate agent’s perspective, it’s best not to wait. They say a short supply and increase in demand means prices will only go up from here.

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