2021 Real Estate Market Update
Are you on the fence about Buying or Selling real estate in Seattle in 2021? Youβve watched things change over the last year, and in such unprecedented times, it can be difficult to make big decisions, ππππππππππ about such a large asset.
In this video, we look at what the market did in 2020, and how it’s trending for 2021. One resource we use for this is the Housing Market Recovery Index. You may be surprised to see where it is today.
If youβre inching off that fence, visit https://linktr.ee/BrennerHill for our Buying and Selling resources including, Buyer & Seller Guides, Millennialβs Guide to Homeownership, Home Value, Educational videos and more!
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Steve 
(c) 206-769-9577 
stevehill@windermere.com
Sandra (c) 206-271-7100 sbrenner@windermere.com
Video Transcript:
This month’s video series is all about what to expect in the real estate market in 2021. Are we going to see a crash? I know it’s hard to tell with everything we have going on and I get it. I’ve seen so many different markets over the last 18 years, and this has been one of the most unprecedented and unfamiliar markets I’ve ever seen. Hey everybody, I’m Sandra Brenner, with Steve Hill, of the Brenner|Hill team at Windermere.
So let’s take a look at the Housing Market Recovery Index. Here’s a graphic from realtor.com, where we see a V market, which was predicted back in March when all of this started. As you can see, the market has recovered and is even better now than where we were at the beginning of March in 2020. Back then, the index was at 106.5. And at the end of the year, we were at 112.8. Yes, there was a drop in the housing market in March and April, but as you can see the market dipped and then has taken a strong and steady rise, and we are stronger now than where we were back in March.
So this analysis measures four things. One being the demand of homes. Meaning, how many buyers are wanting to buy. Two, it measures the supply or inventory, the number of homes we have on the market. It also analyzes pricing. Our home prices going up, or are they going down? And lastly, the Housing Recovery Index measures time on market. Meaning, how quickly do home sell.
Inventory and interest rates right now are in my opinion some of the strongest indicators of why we’re seeing such an increase in housing activity. There is a lack of supply and high demand because interest rates are at a all-time low. The number of active forbearances has also been declining month after month. Also, if we look at when homeowners exited their forbearance plan, you’ll see that 54.6% are paid in full, 30.7% are working out a repayment plan, and only 14.7% are still in trouble. The thing to be concerned about is the 14.7%. These could very well turn into short sales or foreclosures. So that is something we would want to watch.
The market is still hot and buyers are active. Look out for more information from us about the housing market and how it affects you. For more information, feel free to call us here at the Brenner|Hill team. We are Steve and Sandra, your greater Seattle real estate experts. Elevated service, elevated results.
