With 2020 in the rear-view, let’s talk about your real estate goals in 2021.

Buying for the first time. Maybe you’re a first-time home buyer looking to break into the market. The good news is mortgage rates have never been lower. Right now, 30-year mortgages for people with good credit (700 or above) are hovering near 2.65 percent—as close to free money as you’re going to get in a free market. The bad news is that housing inventories, because of COVID-19, have also never been lower, down to 2.4 months’ worth nationwide, a measurement that divides active listings by pending transactions. A number below 5 means it’s a seller’s market. 

That means scour the listings in your chosen market for bargains—fixer-uppers and homes of older owners willing to sell for less. It also may mean continuing to save until housing inventories increase and upward pressure on prices falls.

Buying up. If you’re planning to expand your family, and your home’s square footage, you’ll be paying a higher price in the current market. So, like first-time buyers, you may be looking at waiting or purchasing a less-than-pristine house if you’re on a tight budget. 

Refinancing. If you own a home and are looking to save money, reduce the number of years on your mortgage, or both, now is the time. With home prices climbing, equity is building and your opportunity to secure refinancing with cash out looks better and better by the week. Talk to a mortgage lender today to find out more.