928-273-0061

Follow Us on FacebookFollow Us on Google+Follow Us on TwitterFollow Us on InstagramFollow Us on Pinterest

Julie and Dennis Jennings

Realty Executives Northern Arizona

  • Home
  • Property Search
    • Subdivisions
    • Golf Communities
  • For Sellers
    • Do You Know The Value Of Your Home?
  • For Buyers
  • Blog
  • About
    • Testimonials
  • Contact Us

Are There Going to Be More Homes to Buy This Year?

March 3, 2021 By Julie and Dennis Jennings

If you’re looking for a home to purchase right now and having trouble finding one, you’re not alone. At a time like this when there are so few houses for sale, it’s normal to wonder if you’ll actually find one to buy. According to the National Association of Realtors (NAR), across the country, inventory of available homes for sale is at an all-time low – the lowest point recorded since NAR began tracking this metric in 1982. There are, however, more homes expected to hit the market later this year. Let’s break down the three key places they’ll likely come from as 2021 continues on.

homes to buy

1. Homeowners Who Didn’t Sell Last Year

In 2020, many sellers decided to pause their moving plans for a number of different reasons. From health concerns about the pandemic to financial uncertainty, plenty of homeowners decided not to move last year.

Now that vaccines are being distributed and there’s a light at the end of the COVID-19 tunnel, it should bring some peace of mind to many potential sellers. As Danielle Hale, Chief Economist at realtor.com, notes:

“Fortunately for would-be homebuyers, we expect sellers to return to the market as we see improvement in the economy and progress against the coronavirus.”

Many of the homeowners who decided not to sell in 2020 will enter the market later this year as they begin to feel more comfortable showing their house in person, understanding their financial situation, and simply having more security in life.

2. More New Homes Will Be Built

Last year was a strong year for home builders, and according to the National Association of Home Builders (NAHB), 2021 is expected to be even better:

“For 2021, NAHB expects ongoing growth for single-family construction. It will be the first year for which total single-family construction will exceed 1 million starts since the Great Recession.”

With more houses being built in many markets around the country, homeowners looking for new houses that meet their changing needs will be able to move into their dream homes. When they sell their current houses, this will create opportunities for those looking to find a home that’s already built to do so. It sets a simple chain reaction in motion for hopeful buyers.

3. Those Impacted Financially by the Economic Crisis

Many experts don’t anticipate a large wave of foreclosures coming to the market, given the forbearance options afforded to current homeowners throughout the pandemic. Some homeowners who have been impacted economically will, however, need to move this year. There are also homeowners who didn’t take advantage of the forbearance option or were already in a foreclosure situation before the pandemic began. In those cases, homeowners may decide to sell their houses instead of going into the foreclosure process, especially given the equity in homes today. Lawrence Yun, Chief Economist at NAR, explains:

“Given the huge price gains recently, I don’t think many homes will have to go to foreclosure…I think homes will just be sold, and there will be cash left over for the seller, even in a distressed situation. So that’s a bit of a silver lining in that we don’t expect a massive sale of distressed properties.”

As we can see, it looks like we’re going to have an increase in the number of homes for sale in 2021. With fears of the pandemic starting to ease, new homes being built, and more listings coming to the market prior to foreclosure, there’s hope if you’re planning to buy this year. And if you’re thinking of selling and making a move, doing so while demand for your house is high might create an outstanding move-up option for you.

Bottom Line

Housing demand is high and supply is low, so if you’re thinking of moving, it’s a great time to do so. There are likely many buyers who are looking for a home just like yours, and there are options coming for you to find a new house too. Contact a local real estate professional today to see how you can benefit from the opportunities available in your local market.

Homes in Prescott AZ Available Now

Displaying 1 - 15 of 31 results.
Sort by:
Modify this search Save this search
Show Map

8 Bar Heart Drive , Prescott 86301

$385,000
Bedrooms: 2
Baths: 2
Sqft: 1,343
MLS: #1037357
Broker: Southwest Property Sales Lsing
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

715 N Lakeview Drive , Prescott 86301

$659,000
Bedrooms: 3
Baths: 3
Sqft: 2,608
MLS: #1036589
Broker: HomeSmart Fine Homes and Land
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

4725 W Phantom Hill Road , Prescott 86305

$2,080,000
Bedrooms: 5
Baths: 5
Sqft: 5,800
MLS: #1037273
Broker: Russ Lyon Sotheby's Internatio
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

302 Rim Rock Circle , Prescott 86303

$223,000
Bedrooms: 2
Baths: 2
Sqft: 1,062
MLS: #1037057
Broker: Better Homes And Gardens Real Estate Bloomtree Realty
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

1745 W Kelly Drive , Prescott 86305

$750,000
Bedrooms: 7
Baths: 4
Sqft: 4,769
MLS: #1031727
Broker: Southwest Property Sales Lsing
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

822 N Lakeview Drive , Prescott 86301

$914,000
Bedrooms: 5
Baths: 4
Sqft: 3,643
MLS: #1037356
Broker: Realty ONE Group Mt Desert
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

2133 Prescott Canyon Circle , Prescott 86301

$210,000
Bedrooms: 2
Baths: 2
Sqft: 974
MLS: #1037096
Broker: Flex Realty
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

800 N Lakeview Drive , Prescott 86301

$914,000
Bedrooms: 5
Baths: 4
Sqft: 3,660
MLS: #1036782
Broker: Realty ONE Group Mt Desert
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

2293 Golf Club Lane , Prescott 86303

$1,599,000
Bedrooms: 5
Baths: 5
Sqft: 5,731
MLS: #1037237
Broker: Realty ONE Group Mt Desert
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

8150 S Poachers Row , Prescott 86303

$324,999
Bedrooms: 3
Baths: 3
Sqft: 1,960
MLS: #1035493
Broker: My Home Group
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

5930 W Frederick (Lot 160) Road , Prescott 86305

$711,900
Bedrooms: 3
Baths: 3
Sqft: 2,557
MLS: #1036468
Broker: Better Homes And Gardens Real Estate Bloomtree Realty
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

1437 Hollowside Way , Prescott 86305

$964,000
Bedrooms: 3
Baths: 3
Sqft: 2,737
MLS: #1031520
Broker: Sands Realty
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

6195 W Frederick Road , Prescott 86305

$725,900
Bedrooms: 3
Baths: 3
Sqft: 2,557
MLS: #1036467
Broker: Better Homes And Gardens Real Estate Bloomtree Realty
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

739 Ruth Street , Prescott 86301

$420,000
Bedrooms: 4
Baths: 2
Sqft: 2,004
MLS: #1035624
Broker: Iannelli and Associates
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home

6070 W Frederick (Lot 163) Road , Prescott 86305

$715,900
Bedrooms: 3
Baths: 3
Sqft: 2,557
MLS: #1036470
Broker: Better Homes And Gardens Real Estate Bloomtree Realty
Virtual Tour
  • View details »
  • Contact agent »
  • Save this Home
  • «
  • ‹
  • 1
  • 2
  • 3
  • ›
  • »

Listing information is deemed reliable, but not guaranteed.
IDX Solution Provided by iFoundAgent.com 2021

PAAR Listing Data last updated 4/14/2021 3:10 PM MST.

Prescott Arizona Real Estate Team – Julie and Dennis Jennings

Make us your number one Real estate Team for Prescott Arizona. We show dedication to finding the very best homes for you. Contact us anytime, and we would be glad to show you any homes in the Prescott Arizona area.

Share this:

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn
  • Tumblr
  • Reddit

Related

Filed Under: Buying a Home

Quick Search

miles:
(more options)

See Saved Listings

Log In

Lost your password?
Register
Forgotten Password
Cancel
Register For This Site
A password will be e-mailed to you.
Cancel

Community Home Search

  • Chino Valley Homes for Sale
  • Dewey-Humboldt Homes for Sale
  • Prescott Homes for Sale
  • Prescott Valley Homes for Sale

Real Estate Blog

  • Are There Going to Be More Homes to Buy This Year?
  • Tips for Storing Wine at Home
  • Must-Haves for Your First Home

Contact Info

Julie and Dennis Jennings
Direct: 928-273-0061
jjazhomes@gmail.com
Follow Us on FacebookFollow Us on Google+Follow Us on TwitterFollow Us on InstagramFollow Us on PinterestFollow Us on BloggerFollow Us on YouTube

Copyright © 2021 Julie and Dennis Jennings | Real Estate Websites