Here’s what experts are saying about home prices over the next year.

Due to our low supply of homes on the market, home prices continue to rise. After all, as demand for an item increases and supply decreases, consumers find themselves willing to pay more for that item, and that’s exactly what we’re experiencing in the market. The low supply is also increasing the number of bidding wars that we see, which also has the effect of increasing home prices.

At this point, there is no evidence that buyer demand is going to wane anytime soon. As a result, industry experts are all predicting that home prices will appreciate in 2021. Now, some folks are concerned about what’s going to happen to everyone who went into mortgage forbearance this year and theorize that we’re going to see a huge increase in the number of foreclosed homes on the market.

“The likelihood of us having a foreclosure crisis again is about 0%.”

Well, if you look at the data closely, you’ll notice that there really is very little risk of that happening. Ivy Zelman, the CEO of Zelman & Associates and a highly-regarded housing industry expert, was very clear in a recent podcast feature, stating that “the likelihood of us having a foreclosure crisis again is about 0%.”

If you’re thinking about selling your home, please reach out to me. I’d love to walk you through the steps of the process and fill you in on what to expect in the coming year.