BIRMINGHAM, Ala. (WIAT) — Despite 2020 being detrimental to so many industries, including real estate, experts are hopeful for the upcoming year and the potential the housing market has.
“This year is going to be a great year,” said Gusty Gulas, president of Gusty Gulas group.
Real estate agents, like the ones working for Gulas, are busy starting the year with those eager to take advantage of the low interest rates. Already in January, the group is looking at an increase in contracts just in January compared to 2020.
“What we’ve seen is the interest rates are so low that people want to take advantage of that. More people, we’ve been receiving calls of people that want to invest in real estate. Maybe they’ve made some money in the stock market and now they want to diversify that,” Gulas said.
Many would say it’s obvious why industries like the housing market struggled in 2020, but getting to the root of the issue can go all the way back to the struggles that builders insured.
“What we’ve found in COVID this year with builders, some of the building materials not being in circulation the whole year. With COVID, everyone took some breaks so there was a supply and demand issue with just building materials, land development, and all these kinds of things. So things kinda slowed up this year,” Gulas said.
Not only did things slow up in the industry this year, but home prices also skyrocketed. For home buyers, this could be a disadvantage. For sellers, it could be the perfect opportunity.
Gulas encourages home buyers to get pre-approved from a lender and go through the underwriting process as soon as possible when considering buying a home.
Experts like Gulas think the real estate market will be busy keeping everyone on their toes for the first half of 2021.
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