By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
LezetoLezeto
  • Home
  • Business
    • Crypto
    • Education
    • Automotive
    • Healthcare
    • Finance
    • Investment
    • Legal
    • Industry
    • Retail
  • Money
    • Finance
    • Investment
    • Markets
    • Banking
    • Loans
    • Budgeting
    • Debt
    • Insurance
    • Planning
  • Real Estate
    • Market Trends
    • Construction
    • Moving
    • Property Loan
    • Commercial Real Estate
    • Buying a Home
    • Selling a Home
  • Decor
    • Design Ideas
    • Home Cleaning
    • Home Repair
    • HVAC System
    • Interior Decorating
    • Birthday
    • Gardening
    • Outdoor & Camping
    • Other Events
  • Lifestyle
    • Travel
    • Fashion
    • Beauty
    • Health
    • Food
    • Shopping
    • Jewellery
    • Parenting
    • Relationship
  • Tech
    • Apps
    • Mobile
    • Gadgets
    • Digital Marketing
    • How To
    • PC & Laptop
  • Entertainment
    • Gaming
    • Sports
    • Celebrity
    • TV & Movies
    • Quotes
Reading: What You Need to Know to Purchase a Home in 2021
Share
Notification Show More
Latest News
Qualifications for Personal Loans
Qualifications You Might Need for Personal Loans
February 1, 2023
Most Interesting Facts About Teen Wolf Season 7 
Most Interesting Facts About Teen Wolf Season 7 
January 31, 2023
Cost of Living Crisis
The Cost of Living Crisis & The Best Ways to Stay Warm
January 30, 2023
Handling Hostile Colleagues
Dealing with Difficult People: A Guide for Handling Hostile Colleagues
January 8, 2023
Spend a Year Studying Abroad
5 Reasons to Spend a Year Studying Abroad
January 5, 2023
Aa
LezetoLezeto
Aa
Have an existing account? Sign In
Follow US
Lezeto > Blog > Real Estate > Buying a Home > What You Need to Know to Purchase a Home in 2021
Buying a Home

What You Need to Know to Purchase a Home in 2021

admin
Last updated: 2021/09/08 at 2:43 AM
admin Published August 24, 2021
Share
Purchase a Home in 2021
SHARE

The last few years have been a time of turmoil and transformation. Seeking a sense of stability, many people have turned their attention to achieving the dream of homeownership. If you’re one of those people, here’s what you should know about purchase a home or the real estate market of 2021.

Contents
The Aftershocks of Covid-19 Are Still Being FeltA Boom in Buyers Means Prices Are on the RiseNew Grants & Tax Credits May Be Available Soon

The Aftershocks of Covid-19 Are Still Being Felt

For the last two years, the Covid-19 pandemic has led to sweeping changes throughout every aspect of our lives. That’s as true for the real estate market as it is for anything. As a result, knowing what to expect when following the steps to buy a house is more complicated than ever.

Quarantine orders and an explosion in work-from-home jobs saw an increase in demand from home-buyers (see below) while also impacting the kind of properties being sought, with greater emphasis on spacious quarters and on-site offices. How long this increased demand will last is up for debate, now that widespread vaccination has led to a loosening of restrictions.

Add to that a significant generational shift, as both Millennials and Gen-Z twentysomethings begin playing a major role in the market, and it’s clear that 2021 is a major transitional period. The full implications of this when it comes to real estate remain unknown.

A Boom in Buyers Means Prices Are on the Rise

As noted above, the necessity of people spending more time at home due to Covid-19 has resulted in a dramatic increase in demand for real estate. Most notable within this increase is a boom in the number of first-time homeowners who are interested to purchase a home. The increased demand, however, has not been matched by the supply.

Simply put, there are more buyers in today’s real estate market than there are available properties. According to the most recent Confidence Index Survey by the National Association of Realtors, houses currently spend no more than 17 days on the market before selling. In that time, most properties receive between four and five offers from interested buyers, with cash sales up 23% from 2020.

So much competition over such a small pool of available properties means that real estate prices are on the rise, especially in suburban and rural areas. For those looking to buy a home in 2021, decisive action is increasingly indispensable.

New Grants & Tax Credits May Be Available Soon

The one-two punch of rising prices and intense competition may be intimidating for prospective buyers right now, relief might be on the way. The election of President Joe Biden may end up having just as transformative an effect on the real estate market as the Covid-19 pandemic has had.

Indeed, one of President Biden’s campaign promises was offering a tax credit of $15,000 to first-time buyers. Two bills have been proposed to fulfill that promise: the First-Time Homebuyer Act and the Down Payment Toward Equity Act of 2021. If approved, the former would provide the promised $15,000 tax credit, while the latter would swap out the credit for a $25,000 grant.

If either of these bills are approved, it could help lower the bar to entry for first-time buyers for whom the prospect of saving for a large down payment is notably more daunting than that of making smaller mortgage payments over the course of several years to purchase a home.

You may also like: Signs You Need A Second Opinion on A Home Inspection

You Might Also Like

5 Underrated US Cities for Real Estate Investing

Real Estate Investing, Chicago: How To Get Started

5 Reasons To Buy Sooke Waterfront Homes For Sale

Buyer’s guide to Soho luxury apartments

The Reasons why Homebuyers Look to Bid for Homes for sale

admin August 24, 2021
Share this Article
Facebook Twitter Email Print

About Us

We influence 20 million users and is the number one business and technology news network on the planet.

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]

Follow US

© COPYRIGHT 2022 | ALL RIGHTS RESERVED

  • About us
  • Contact
  • Advertise
  • Privacy Policy
  • Terms of Uses
  • Cookie Policy

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?