In the ever-changing landscape of the real estate market, industry experts are constantly analyzing trends and making predictions about what the future holds. One such expert, Ryan McKeveny, a partner at Zelman & Associates, has recently made a bold prediction regarding existing home sales for this year. According to McKeveny, there is likely to be an increase in existing home sales in the coming months.
McKeveny’s prediction is based on several factors that he believes will contribute to this upward trend. Firstly, he points to the low mortgage rates that have been prevalent in recent times. These historically low rates have made homeownership more affordable for many potential buyers, thereby increasing demand in the market. With mortgage rates expected to remain low throughout the year, McKeveny believes that this will continue to drive existing home sales.
Another factor that McKeveny highlights is the improving job market. As the economy recovers from the impact of the COVID-19 pandemic, more people are finding stable employment and gaining confidence in their financial situation. This increased job security is likely to encourage individuals and families to consider purchasing a home, leading to a surge in existing home sales.
Furthermore, McKeveny points out that there is a shortage of available homes on the market. This scarcity of inventory has been a persistent issue in recent years, and it has only been exacerbated by the pandemic. With limited options for buyers to choose from, existing homes have become even more attractive. This imbalance between supply and demand is expected to drive up prices and stimulate sales activity.
Additionally, McKeveny believes that the desire for more space and a change in lifestyle brought about by the pandemic will also contribute to increased existing home sales. Many individuals and families have realized the importance of having a comfortable and functional living space, leading them to seek larger homes or properties in different locations. This shift in preferences is likely to fuel demand for existing homes, as buyers look for properties that meet their changing needs.
While McKeveny’s prediction of an increase in existing home sales is certainly optimistic, it is important to note that the real estate market is influenced by numerous factors and can be unpredictable. External events such as changes in government policies, economic fluctuations, or unforeseen circumstances can impact the market and alter predictions. Therefore, it is crucial for potential buyers, sellers, and industry professionals to stay informed and adapt their strategies accordingly.
In conclusion, Ryan McKeveny’s prediction of an increase in existing home sales this year is based on several key factors. Low mortgage rates, an improving job market, a shortage of available homes, and changing lifestyle preferences are all expected to contribute to this upward trend. However, it is important to approach these predictions with caution and remain aware of the ever-changing nature of the real estate market.
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- Source Link: https://zephyrnet.com/existing-home-sales-will-see-an-upward-tick-this-year-says-zelmans-ryan-mckeveny/