It was a wacky, different and unpredictable year for sure in many aspects. COVID-19 with and without vaccines, Zoom meetings, a new president, and booster shots. The biggest winners in the real estate marketplace in 2021 are listed below.
Florida
The state was one of the biggest winner’s gaining over 300,000 new residents in 2021. Many people now working from home fled high property tax states for more affordable Florida housing. Sunshine and the beaches, along with no state income tax, were additional reasons people flocked to Florida.
The Mortgage Refinance Market.
Many homeowners took advantage of super-low 30-year mortgage rates and refinanced their homes. In many cases, homeowners could shed private mortgage insurance and change 30-year mortgages into 15-year mortgages. Use our mortgage calculator
Baby Boomers
It was the perfect time to sell 4 and 5 bedroom homes and downsize. Boomers sold homes near the asking price or, in many cases, above the asking price. Boomers could pay cash or use minimal financing for smaller home purchases. High demand for extra space drove sales of 4 and 5 bedroom homes. Tips for preparing your home for sale:
Home Builders and The Burbs
One thing that Florida has is an abundance of undeveloped land for home building. There is plenty of land surrounding many major cities in Florida. Home builders are taking advantage of the buyer demand and available land to build. Most builders cannot keep up with demand, and a 6-8 month waiting period is not uncommon.
