Key Highlights
- According to Zillow’s 2021 Home Value Index,company projects values to climb by +3.7% to March and then to +10.5% through December
- Zillowpredicting +21.1% increase in sales compared with 2020
Zillow Now Projecting HUGE Year in Valuation Increase
Following projections from other industry experts about housing market sales and valuations for 2021, Zillow could not be more bullish.
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The company is anticipating, according to its 2021 Home Value Index,home values to increase +3.7% by March (the strongest quarterly value appreciation since 1996) and +10.5% from April through November. Zillowis also predicting that home value appreciation will peak at +13.5% in June.
Jeff Tucker, Zillow senior economist, said, “Home values rose sharply near the end of the year at their fastest quarterly rate on record.” That Q4 2020 record of +3.2% is obviously expected to fall in line with Zillow’s prediction of home values increasing to +3.7% in Q1 2021.
Zillow Also Predicting HUGE Year in Sales
Zillow is also predicting that 6.82M homes will be sold in 2021, an increase of +21.1% compared with 2020. (Keep in mind that November’s existing home sales were up +25.8% compared to November 2019.) If this prediction comes to fruition, 6.82M existing homes sold would be the most recorded in a single calendar year since 2005. Tucker chimed in on this prediction by saying, “Sales are taking place at a rapid click, as momentum gathering in the market since June is still pushing forward at full force and expected to continue for the foreseeable future.”
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Low Interest Rates to Continue Driving Sales
Homebuyers continue to step up to the plate most likely due to record-low mortgage rates even though prices are rising. Tucker said, “(The low rates) are keeping monthly payments in reach.”
Tucker concluded his remarks by saying, “Our bullish outlook for sales and home values is driven by the current strength of the home-buying market and our expectation that low mortgage rates, demographic tailwinds and an improving economy will continue to prop up market competition.”
Thanks to Zillow and HousingWire.
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Also read: 2021 Beginning with Record Low Mortgage Rates, Best-Ever New Home Sales Report, Podcast: Is Zillow’s National Real Estate Brokerage A Real Threat To You? | Tim and Julie Harris
