Is 2021 going to be the year you purchase that dream home? One local real estate agent says that, although the number of home sales were lower in 2020 compared to 2019, they're expecting a better year for sales this year.
Home sales in Onondaga County were down by about 3% in 2020 compared to 2019. Members of Hunt Real Estate said the average home price in Onondaga County rose from $154,000 to $168,000 in 2020.
With higher prices, a lower inventory, and fewer options to go view a home, there were fewer deals. However, in New York, the interest rate is at 2.25% for a 15-year mortgage. The fixed rate for 30-year loan is currently at 2.75% percent.
With interest rates currently at those record lows and better viewing options coming out of the pandemic, a better year with more sales is expected.
"With the low interest rates, people are able to afford something more to their desire and banks have been willing to work with people, very creative and come up with different options for people that thought maybe they couldn't afford a house, and now are able to because of the low interest rates," said Hunt Real Estate Associate Broker Andrew DiGiacomo.
Experts believe the interest rates should remain stable for a while giving the buyer more power than a year ago.
If you're in the market to buy or sell a home, DiGiacomo said it's always a good idea to get a real estate agent to help you through the process.