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The for-sale housing market showed incredible strength in 2020, and we expect 2021 will be even stronger.

The for-sale housing market showed incredible strength in 2020, and we expect 2021 will be even stronger.

Demand continues to stay high, and is expected to surge in cities as economies reopen. Annual home sales growth is expected to be the highest in almost 40 years as life and financial certainty brings more sellers into the market to meet the heavy demand and technology allows for faster connections with interested buyers. Even so, home prices, mortgage rates and rents are likely to rise, bringing affordability challenges that must be faced.

We expect 2021 will be a year unlike any other as the housing market responds to the challenges and changing preferences that emerged in 2020.

Here are our bold predictions for 2021:

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2020 has been a remarkably strong year for the housing market, with sales on pace to grow almost 6% from 2019 despite essentially pressing 'pause' for a few weeks in the heart of the spring shopping season. Zillow expects that mark will be shattered next year, forecasting 21.9% annual growth for a total of almost 6.9 million homes sold. That would be the biggest annual sales growth since 1983.

The optimistic outlook is due largely to the enduring strength of the market today, even through what is typically a slower season for home sales, and demographic factors that indicate demand will remain strong. Plus, about a third of homeowners considering selling in the next three years cited life and financial uncertainty as reasons they weren't selling this fall. The COVID-19 vaccine rollout and expected subsequent economic recovery should pull many off the sidelines, adding more inventory to meet the heavy demand for homes and thus creating more transactions.

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Dense, urban living got a bad rap this year because of the pandemic, but city living will almost certainly enjoy a renaissance in 2021.

With people pressed into using their homes as offices and classrooms, the age-old tradeoff between more space and proximity to local, urban amenities broke down when those amenities largely shuttered - leading many to believe the demise of cities was imminent. But Zillow research showed that while suburban housing markets did have a slight edge over urban ones, cities were far from dead. Competition for housing was fierce across the board in 2020, with days to pending, list prices andthe share of homes selling above list price all rising at a steady clip in both urban and suburban areas.

In 2021, those that may have left cities temporarily during the pandemic will likely return as a vaccine becomes more widely available and local economies begin to open up again. Young adults moved back in with their parents at much higher rates this year than last, with nearly 2 million 18 to 25 years old still living at home in August. The majority of this age cohort tend to be renters and 46% of Gen Z renters tend to rent in urban areas, suggesting that when young people are ready to strike out again they will return to amenity-rich cities.

Rents in urban areas have declined relative to suburban areas, which will also help draw new and returning residents. In some places like New York City and the City of San Francisco, rents fell 12% and 5.1%, respectively. The softening of rents may open up more affordable opportunities for those who left due to deteriorating affordability, or for those who have always wanted to move to the city but shied away due to high rents.

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Home price appreciation will reach its fastest pace since the Great Recession, as the inventory crunch continues to pit buyers against each other, competing for a scarce number of homes for sale, and we expect home price appreciation to exceed 10% at points in 2021 . Price gains are being driven by the fundamentals of supply and demand: Many would-be sellers are sidelined by anxiety and uncertainty, cumulative new home construction over the last decade has been low, and limited supply is being met by a surge in demand from aging millennials and a wave of other buyers reassessing their housing needs. The pandemic may have accelerated that move for some buyers, but that doesn't mean a vaccine would send the trend into reverse.

Mortgage payments have become over the past two years thanks to ultra-low mortgage rates. But we expect rapid price growth and slightly higher mortgage rates to reverse that trend in 2021. more affordable for homeowners The anticipation of rising economic growth and rebounding inflation in a vaccinated world economy is already helping 10-year Treasury yields begin to rise out of the doldrums, and mortgage rates are likely to follow if that trend continues. Slightly higher rates would make the argument for ownership a little less compelling for some buyers, but in most of the country it will remain true that homeownership is an attractive financial bargain compared to renting. Don't expect a few more basis points on 30-year mortgage rates to bring demand crashing to a halt, but it may end up pricing out some buyers already struggling to get onto the homeownership ladder - especially for first-time buyers who don't have access to funds from the sale of their current home.

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We expect a rental market resurgence in 2021, with rents increasing, concessions offered by landlords fading and demand for rental housing strengthening.

The rental market softened in 2020, with rents effectively unchanged nationwide from January 2020. And in large metropolitan areas like New York, Boston, and San Francisco, rents for the typical renter actually dropped for the first time in recent memory. COVID-driven anxiety about living in large, multifamily housing properties in dense urban centers was a primary driver of the rental market softening, but we expect this trend to reverse in 2021. With a vaccine on the horizon and Gen Z continuing to graduate from college, we expect the cloud of uncertainty to lift and demand for rental units to surge.

In addition to increased demand, landlords may also attempt to make up for lost revenue by aggressively raising prices. Renters were disproportionately impacted by pandemic-related job losses and furloughs, and missed rent payments were certainly felt by landlords. In 2021, these payments could be capitalized into existing rental agreements, further goosing rent growth, with landlords increasing prices and effectively serving as private lenders to tenants while they work their way out of COVID rental debt. Almost 12 million renters will owe an average of $5,850 in back rent by January 2021, according to Moody's Analytics. If landlords allowed renters to repay that debt interest free over a period of 3 years by increasing monthly rents, these 12 million renters would pay an additional $162.50 in rent each month. Typical renters paid $1,728 in rent in November 2020, according to the Zillow Observed Rental Index (ZORI). Increasing rents by $162.50 would represent a 9.4% increase for the typical renter.

Increased cash flow for renters - whether in the form of employment income and/or federal stimulus - is needed to both keep renters in their homes and rental housing affordable. Addressing wide-spread housing vulnerability, rent affordability, and potential evictions will need to be a top housing priority for policymakers in 2021.

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New technology rapidly adopted during the pandemic has made buying, selling, renting, and financing not only safer, but easier. We expect consumer demand will make a digital-first experience the new standard for real estate in 2021 and beyond.

Take the home shopping experience: Virtual tours paired with interactive floor plans are allowing shoppers to winnow down their options without leaving their couch. A Zillow survey[1] finds a vast majority of select Zillow Premier Agents (72%) expect to continue using these virtual tools after the current coronavirus outbreak ends. When it comes time to tour a home in person, self-tour technology allows shoppers to tour a vacant Zillow-owned home on their own schedule.

Selling will also increasingly move online with high-tech options like Zillow Offers . The pandemic prompted 43% of people in a Zillow survey[2] to say they were more likely to sell a home entirely virtually .

will also use pandemic-accelerated technology to search, find, apply for, and lease a home all digitally in a safer, easier, end-to-end online transaction.

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Zillow expects a perfect storm of market conditions to create the hottest spring shopping season in recent memory, with sales happening quickly and often . above list price It's likely COVID-19 vaccine distribution will be well underway in the U.S. by the spring, and local economies and schools should be in the process of opening back up. Many will also have more certainty about whether their jobs will be performed remotely in the long term, adding buyers to the market who had been waiting for that to be settled. Add in expectations for mortgage rates to rise later in the year, and we could see a buyer frenzy as they look to lock in rates as low as possible.

Springtime has historically been , but homes have continued to sell quickly through the fall and into the winter this year in what could be a signal that typical seasonal trends may be fading somewhat. the best time to list a home for sale The increased adoption of real estate technology has given home buyers more tools to shop from the comfort of their home, which can be done just as easily during the warmer spring and summer months as it can in the dead of winter. That's likely to lessen the traditional seasonality of home shopping as it reduces the impact inclement weather can have on things like in-person showings and open houses.

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Bold 2021 Predictions: A Stronger Housing Market Across the Board

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The for-sale housing market showed incredible strength in 2020, and we expect 2021 will be even stronger.

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Updated on May 4, 2020 at 1:27 p.m. ET
Most Americans say they aspire to homeownership. As mortgage rates near record lows, buying may become more appealing - and accessible.

But how do you know if homeownership is right for you or whether you should continue renting? In this episode, we help you weigh the pros and cons of renting versus owning.

Of course there are some tools out there to help you decide, like a rent vs. buy calculator. (Here are a few we recommend: Trulia, NYT's The Upshot, Freddie Mac). But the decision to purchase or rent is about way more than just money. We walk you through six things to consider as you're making the decision.
1. Keep in mind: Owning a home is the No. 1 way most Americans build wealth.
The average net worth of a homeowner is much larger than that of a renter, says Alanna McCargo, vice president for housing finance policy at the Urban Institute. In 2016, the average homeowner's net worth was $231,420; the average net worth of a renter was $5,200.

"Families have built wealth for generations and financial security over time as a result of their owning a home," McCargo says. Building wealth through home equity is a huge factor to consider as you think about whether you want to rent or own.
2. Buying a house is not an automatic ticket to the good life, and it may not make you happier.
If you take wealth accumulation out of the equation, research hasn't shown definitively that buying a home makes people happier, says Elizabeth Dunn, a professor of psychology at the University of British Columbia. She studies how time, money and technology shape human happiness.

"You know, if anything, homeowners seem to experience a little bit more pain from their homes," Dunn says. Renters don't have to fix the water heater when it breaks, make sure their mailbox matches the other ones in the neighborhood, replace the roof every 15 years.

The costs of homeownership go well beyond the monthly mortgage payment, says Michelle Singletary, a personal finance author and columnist with The Washington Post.

"I'm still a big believer in homeownership - obviously, I've been a homeowner since my second year out of college," Singletary says. "I just believe that you need to take it slow, understand what it means."
3. Renting gives you flexibility.
Renters have one definite benefit over owners: It's a lot easier to pick up and move, whether to escape noisy neighbors or follow a job offer across the country.

Especially when you're younger, Dunn says, you may be happier having the flexibility to travel and teach English in Thailand and pursue other adventures like that, rather than spend money and time dealing with plumbing problems and leaky roofs.

Along with hidden maintenance costs of owning a home, you should consider other expenses like property taxes, homeowners insurance or homeowner association (HOA) fees.
4. The flexibility of renting comes with a cost: Rent will always go up.
Inflation alone pushes rents up over time - and if the neighborhood gets trendy, monthly rents can go through the roof.

But if you own your home (and you have a fixed-rate mortgage, which means your interest rates won't change over the life of your mortgage), your monthly payment is a fixed cost. McCargo says that this offers peace of mind. And as inflation rises, living in your home gets effectively cheaper over the long term.

"Not to mention, every single month, you're paying something down every time you make that mortgage payment," says McCargo, thereby building your equity in your home and reducing your debt load.
5. You don't need a big down payment to own a home.
Homeownership might have a lower price of entry than you think. A 20% down payment was once standard, but McCargo says the average today is 5% of the total.

Keep in mind that if you put down less than 20%, you'll likely have to pay a monthly private mortgage insurance (PMI). This can add hundreds to your monthly payments. On many loans, you can request to cancel the PMI once you have a loan to value ratio of 80% (meaning the home is worth 20% more than you owe.) The lender should cancel PMI automatically once the ratio reaches 78%. The exception is with FHA loans, where PMI is permanent unless you refinance.

First-time buyers can find programs that offer mortgages with even lower down payments. Some cities offer grants to help with down payments to encourage people to invest in their communities. A good place to go to find out about such incentives is your state's housing finance agency.
6. Owning a home can give you a sense of security - and that can be priceless.
Singletary was surprised by the profound sense of both security and accomplishment she felt from buying her own place.

"I had been raised by my grandmother, and the circumstances in which I came to live with her were not great," she says. "I was thinking, 'Wow, this is super cool - that this kid who was thrown away and almost ended up in foster care, here she is, at 22. I own my own home.' It was a great deal of satisfaction and pride that I had done this, against all odds."
We'd love to hear from you. If you have a good life hack, leave us a voicemail at 202-216-9823 or email us at LifeKit@npr.org This story originally published on April 15, 2019. . Your tip could appear in an upcoming episode.
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Mortgage Rates Near Record Lows. How To Know If Homeownership Is Right For You

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Owning a home is part of the quintessential American dream, but how do you know if it's right for you? These 6 tips will help sort out the pros and cons to renting and owning - and reveal some things a rent vs buy calculator can't tell you.

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The pandemic has fueled a rise in apartment vacancies in the D.C. metro's urban core, and in large cities across the country, with young renters doubling up or moving back home, and others downsizing to more affordable housing or moving farther out to more affordable areas, and rising vacancies have translated into falling rental rates.

The drop has been significant.

Rental database and search site Apartment List ranks both the District and Arlington County, Virginia, among the 10 rental markets in the nation where rents have fallen the most.

The median rent for a two-bedroom apartment in the District is currently $1,570 a month, down 14.4% from a year ago, and 15.3% since March, according to Apartment List. That ranks D.C. No. 5 on the list of biggest drops.

The median two-bedroom rent in Arlington is currently $2,030, down 13.7% from a year ago, and 14.8% since March, ranking Arlington No. 8.

"D.C., Northern Virginia and the greater D.C. metro area generally has for a long time been one of the most expensive rental markets in the country. Right now, we've got a lot of folks who are facing new financial hardships as a result of the pandemic. A lot of folks are just unable to afford these sky-high rents, and we're really seeing a sharp drop-off in demand," said Chris Salviati, housing economist at Apartment List.

That is good news for renters signing a brand new lease. But that does not necessarily help renters whose current, yearlong leases may soon be up for renewal. The landlord is not likely to automatically lower rent on a lease renewal.

"I would imagine in most cases, probably not automatically. But I do think a lot of landlords are willing to negotiate right now. The best thing you can do, I think, is to be informed about what is happening in the market and discuss that with your landlord, but it is probably not something that is going to happen automatically," Salviati said.

The farther away from city centers, the less rents have declined. For example, the median rent in Gaithersburg, Maryland, is down just 0.6%. The year-over-year decline in Centreville, Virginia, is down 4%. In Germantown, Maryland, the median rent - at $1,490 a month - is actually 2.1% higher than a year ago.

Apartment List believes the sharp decline in rental rates here and nationwide will slow this year.

"We have seen vacancy rates start to level off over the past few months. Rents have still been falling but stabilization in vacancy rates is a leading indicator that rents are starting to level off a bit," Salviati said.

Below is a list of D.C. area median one-bedroom and two-bedroom monthly rents, and month-over-month and year-over-year comparisons, courtesy of Apartment List:

Jeff Clabaugh

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DC-area apartment rents are down, but you might have to ask - WTOP News

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The pandemic has fueled a rise in apartment vacancies in the D.C. metro's urban core. Those vacancies have translated into falling rental rates.

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By Angela Brown

Written by
Angela Brown
Writer

Angela Brown has more than six years of experience and is a student loan, mortgage, and real estate expert. Her byline has been featured at LendingTree, FinanceBuzz, and Yahoo Finance.

Updated October 16, 2024, 2:46 AM EDT

Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. (Credible), which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.

If you're a first-time homebuyer, buying a home is likely the largest purchase you've ever made. Homebuying can be overwhelming and stressful, and that's when you're trying to purchase property in normal times. Opting to buy a home during the current climate, amid the coronavirus pandemic, can add even more uncertainty and stress.

Surprisingly, the real estate market hasn't slowed down much, despite quarantines and social distancing. In fact, home prices are going up, thanks to supply and demand. According to the Federal Reserve, the average sales price of a home in the third quarter of 2020 was $324,900. At the same time last year, the average sales price was $318,400. Low mortgage rates have attracted potential buyers to the market, increasing demand - and that trend may continue in 2021, as coronavirus cases continue.

6 tips for buying a home during COVID-19

One way to help reduce stress while house hunting is to understand the home buying process. The pandemic may have altered some aspects of the home buying process, and we'll help you navigate some potential changes you may encounter throughout the purchasing journey in 2021. Here are six tips for first-time homebuyers (and beyond):

1. Determine how much house you can afford

2. Compare rates and mortgage lenders and get pre-approved

3. Be flexible when shopping for the perfect home

4. Don't skimp on the inspection

5. Keep up with deadlines

6. Wait until you close on your home to make expensive purchases

1. Determine how much house you can afford

Your first step should be to determine how much you can or want to spend on your home. This initial number will likely be an estimate. Your lender will let you know the size of the mortgage for which you qualify. Look at your current mortgage or rent payment and consider how a larger monthly mortgage payment could affect your budget.

As you're considering your budget, don't forget to think about property insurance, private mortgage insurance, utilities, maintenance, and property tax. Additionally, you may need to make additional purchases like yard equipment if you don't currently have any. As you're considering your budget, you should use an online mortgage calculator to determine potential monthly mortgage payments.

GETTING A SECOND MORTGAGE? HERE'S WHAT YOU NEED TO KNOW
Now is also the time to figure how much money can put towards a down payment.

2. Compare rates and mortgage lenders and get pre-approved

Once you choose a lender, ask for a preapproval letter. This letter will help set your home offers ahead of those who are bidding without preapproval. Your lender may approve you for more money than you anticipated, and it may be tempting to go over your original budget. Know your limit beforehand to avoid buying a home you can't afford.

Your mortgage broker will look at your credit score, credit history, and income when determining how much they'll let you borrow.

3. Be flexible when shopping for the perfect home

Before you tour homes, sit down, and make a list of things you need in your new home and things that would be nice to have. In many areas of the country, the housing market is extremely competitive. So, prioritize things that you can't change (or can't easily change) like location and number of bedrooms.

Thanks to the coronavirus pandemic, in-person tours are more challenging to come by. Fortunately, buyers can tour homes virtually. Between video tours, video calls, and photos, virtual touring is nearly as good as being on-site. If possible, you could even drive through the neighborhood to get a feel for the area.

Once you've found the house you want to purchase, your real estate agent can submit an offer to the seller. Your form will include the price you're offering on the property, the proposed closing date, and any contingencies that must occur before the deal is finalized.

HOW CAN I BUY A HOUSE VIRTUALLY?
4. Don't skimp on the inspection

Before your lender approves your loan, they'll ask for a home inspection. During the inspection, you'll discover any faults in the property. The inspector will look for critical issues, including water damage, structural issues, damaged electrical systems, plumbing concerns, roofing concerns, and pest issues. You'll receive a document detailing anything that is broken or hazardous. The inspector focuses on issues that are safety concerns, not cosmetic.

If possible, attend the inspection so you can ask questions. Once the inspection is complete, you can add conditions to your offer. For example, you could ask the seller to repair a leaky roof or replace a broken water heater.
2 REASONS MORTGAGE RATES COULD RISE IN 2021
5. Keep up with deadlines

Deadlines are essential when purchasing a home. Deadlines help move the sales process along. Turning in all your documents is especially important when it comes to applying for a mortgage. Any delay on your end could make the sales process take longer or worse.

Obtaining a preapproval letter from your lender is a significant first step towards staying on a deadline. While you will likely have to submit additional paperwork, you can save time if the lender already has a lot of your information on file.

HOW TO GET A MORTGAGE RATE BELOW 3%
6. Wait until you close on your home to make expensive purchases

Buying a home is exciting. It's fun to pick out new furniture and paint. You may want to charge a new patio set or a new bedroom set but don't. Avoid making major purchases, and don't charge anything on your credit cards after you've submitted your loan application. Any financial changes could delay or cancel your loan approval. While a preapproval does indicate that a lender is willing to let you borrow money for your mortgage, they can change their mind. Wait until you have the keys to your new home in hand before going on a shopping spree.

Again, if you're looking to make any big home purchase and want to take advantage of today's historic low mortgage rates (rates may not remain low in 2021, so act fast), then head to Credible. Credible can help you find a low interest rate and simplify your home buying process. Get started today.

WILL A BIDEN PRESIDENCY AFFECT MORTGAGE RATES?

Angela Brown has more than six years of experience and is a student loan, mortgage, and real estate expert. Her byline has been featured at LendingTree, FinanceBuzz, and Yahoo Finance.

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Buying a house in 2021? 6 steps you should take

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It may look different, but it's still possible to purchase your dream home right now.

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We tend to think of buying a home as a mandatory part of the American dream. But despite the constant messaging telling us to buy, homeownership may be overrated. A lot of people who shop for homes would actually be better off renting.

We tend to overlook the historical factors that made homeownership so ubiquitous. Long ago, most families rented or (more rarely) built their homes. Since the New Deal era, the federal government has subsidized homeownership through loan guarantees and the mortgage interest deduction. This policy framework has greatly benefited the real estate industry, as well as millions of homeowners (particularly those who are already wealthy). But owning a home doesn't make sense for everyone, and in some areas renting could be the smartest move.

(Full disclosure: I own my New York coop but I often wonder why-New York has great rental stock and regulated landlords.)
Renters Don't Pay For Repairs
Here is one of the biggest joys of renting. When things go wrong, renters call the landlord. The stove breaks or the roof leaks-the landlord pays. The average annual cost of home repair and maintenance costs is typically something like 2-4% of the value of the home, and that doesn't include thousands more in insurance and other costs.

What's worse is that repair expenses don't come in nice even charges. Depending on the nature of the repair, it can get quite costly in one year. Those tempted to skip maintenance are participating in the destruction of their own property.
Renters Get Nice Stuff Too Expensive For Owners
One of the most wasteful aspects of American life is the existence of dead pieces of capital that many of us own but use only 5% of the time. The two-ton car parked in the garage, the dusty gym equipment, the in-ground pool, the pricey washer and dryer: these consumer durables sit unused because you alone own and operate them. (Some people rent out their unused automobile capital with Lyft and Uber, but you have to apply your own labor to that.)

Who can own a pool? Answer: far fewer people than can open a fraction of a pool! As it happens, we typically only use a fraction of a pool. Luxuries such as a gym or a luscious garden come standard at many apartment complexes. Owning a home often means owning deadweight capital.
Renters Don't Tie Up Their Money
Another advantage is not having to put up a huge upfront cost like a down payment. Although renters often pay a security deposit and first and last month's rent, these costs are small in comparison to those made by owners. When purchasing a home with a mortgage, you're required to have a sizable down payment far more than the renter's upfront costs. If you put down a chunk of money, say $50,000, towards a down payment to buy a home, that is your asset. That $50,000 could instead be earning high risk-adjusted returns on a low-fee investment-say a Vanguard mutual fund-which is a lot more liquid and a lot less expensive to manage than putting all those eggs in one basket.

A note about prices: If the house you are looking to buy costs more than 20 times the annual rent the home could fetch, the house may be overvalued. For example a $400,000 home should rent for $1,667 per month or more. If so, it is a good deal. This ratio is based on a price earning ratio of 20. In times of low interest rates the breakeven ratio can be higher, especially in areas with soaring home prices.
Renters Have More Bargaining Power at Work
You need to be able to credibly leave a job to be well treated by employers. Mobile workers can move for a pay raise or to make a career move. Monopsony power is tied to low mobility and anchoring yourself to a place just gives that power to the employer.

Renters can also live in neighborhoods beyond their reach, whereas home owners stay with their socio-economic spheres. Renters can live virtually anywhere-a tiny apartment in Greenwich Village or a townhouse in Queens. Homeowners are more restricted to neighborhoods they can afford.
Renters Have More Flexibility In Recessions
Some of the worst-hit families in the Great Recession were those who lost their jobs and were stuck in their homes. It was even worse if you had to sell assets in your 401(k) at depressed values to pay a mortgage for a house that was underwater (that is, where the mortgage was more than what the house was worth).

By contrast, renters can move to a cheaper place without the hardship of selling assets or paying a mortgage in a recession. Landlords bear the risk of financial hardship, but they are usually more able to plan and capitalize losses.
Renting Can Be Good For The Economy And The Climate
Renting is better for the earth than buying, thanks to better-managed properties and the sharing of amenities and capital. Since landlords bear the risk of utility costs rising during the term of the lease, they have an incentive to keep costs low through better energy efficiency.

Rentals are also usually smaller than houses, which keeps down insurance and utility costs. That said, renters do pay some portion of insurance costs because they are folded into the rent, as are property taxes. (A side note: Some people might think that a benefit of renting versus owning is that renters don't pay property taxes. They do. Taxes are folded into the rent. There are good reasons to rent and not buy, but property tax is not one of them.)
The Bottom Line
Homeownership does have its merits, of course. Owning a home might be beneficial over the long run if the house price appreciates more than a diversified financial portfolio, or if people don't have to move for their jobs or family, or if marriages last, or if neighborhoods and financial situations don't change.

Crucially, the housing market is often segmented, meaning rental stock can be of lower quality for the same carrying costs as homeownership-in that case, buying might make sense. Some people really like to improve their homes and renovate, while your landlord will only make "necessary repairs."

However, for those who want bargaining power at work, would like to avoid the hassles and financial uncertainty of homeownership, and don't like owning so much durable consumer capital, renting might be a better option.

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Six Reasons Renting Can Be Smarter Than Buying

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Owning a home doesn't make sense for everyone, and in some areas renting could be the smartest move.

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Believed renting may be better as you will have some of the bills taken care of by the landlord. However, since down payments are now going down, perhaps homeownership is better if in an ideal location. Paying off a mortgage may be similar to paying rent, and it will not fluctuate.

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This article advises people to think about renting rather than buying their own home. The article mentions multiple reason for this including flexibility, affordability, and repairs. I had realized that renting came with some benefits but i hadn't considered a lot of the things brought up in the article. I hadn't considered the possible environmental benefits or the freedom to move around at all. I had always thought that if you could afford to buy that buying was better, but now i think that depending on the circumstances renting could be a much better fit.

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This article talks about how apartment rents have fallen in the economy. This reminds me of my sister, who is in college, and planning to move into a shared apartment next year (she got a relatively low price for an apartment in a good location and in good condition). The article mentions that many believe that the sharp drop in rent prices will level off this year, but I think it'll take some time before the prices gradually recover back to their higher prices.

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The DC metro area rent costs are dropping while the available vacancies has increased. DC is facing a dropping value on the market as they dropped 14.4% of rent value since last year. The cause of the negative rent growth is that many people have face difficulties to be able the expensive rent cost in DC and parts of northern virginia, and are able to find cheaper rent cost outside big cities and their family homes.

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This article talks about some of the things we need to buy a home. A decent percentage of people wanting to buy a home is from 2020, as they were postponed because of the pandemic. Things needed to buy a house includes an attractive mortgage, a flexible mind set, and a competitive offer. At this time, prices are high and inventory is low.

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This article makes a lot of valid points. Among my friends and family, I have seen a huge increase in house buying, and I think that will continue just like the article said it would. I also think that, as the article mentioned, people are going to place more emphasis on living where they want to live following the pandemic. I wouldn't be surprised if people live in the cities less, but I could see people being more likely to live in urban areas as well.

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This article talks about if renting or owning a home is better. Renting can give you more flexibility but rent may go up, while owning a home may give you a sense of security but upkeep is harder.

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This article talks about how in 2020 there has been a high demand in  people buying homes. It is also projected that in 2021 there will be a 21.9% annual growth from last year, which is the highest it has been in 40 years. Personally I am somewhat surprised as a lot of people has had financial trouble this year, so I would think that more people are selling rather than buying this year, but it also makes sense as a lot of people are most likely downgrading, to make sure that they can stand somewhat financially stable, if they have for example lost their job.

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The article talks about how the demand for houses keep increasing, it's expected to be the highest in 40 years. Because of this, houses will be more difficult to buy and pay for. The pandemic did change a lot of things because many people lost their jobs and had a tough time with money, in return landlords wanted to raise prices because they also needed money.

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I think that being flexible when buying a house is extremely important and that you should not be too picky when choosing a home. Prioritize a few things when buying for a house.

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really good article, it gives the perfect steps and tips before buying a house. and it is very motivational. I think comparing rates is necessary unless you have more extra money you want to spend.

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I think one of the most important tips talked about in the article is number 4, "Rent will always go up". Over time rent will increase compared to a fixed cost by owning your home.

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This article highlights the drop in rental prices due to the pandemic. People are moving back to their parents homes or finding cheaper housing, and therefore the prices of renting an apartment are dropping. I think this shows a good example of why it is important to stay informed about the market, so that you can make housing choices that will financially benefit you.

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This gives tips and steps towards buying a house in 2021. It is useful for people interested in buying houses currently and maybe for me in the future.

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The article had a lot of good tips but I didn't like how they were pushing the website credible.

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It’s predicted that the for-sale housing market will show incredible strength for the year 2021 as it was strong for the year 2020. The demand is continuing to stay high and is expected to surge when more cities and places reopen again. However, home prices, mortgages, and rent are going to rise causing affordability challenges.

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This article talks about how since young adults are moving back to their parents houses for the pandemic, apartments in big cities are more available so the rent has decreased. Dc's rent prices alone have decreased more than 14%.

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This article discusses how renting may be the best move for people. I learned that home ownership is a relatedly new development, most people used to rent. After considering the advantages mentioned, I think that it might be more beneficial to rent and I think more people should be educated on renting.

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This article talks about owning a house and mortgage. One important fact is when it says owning a home can give you a sense of security.

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owning a home is the number 1 way to grow your wealth.

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This article discusses how in many big cities including DC have a rise in apartments vacancies due to the pandemic. With many people downsizing to more cheap houses or going to more affordable areas. The median two bedroom apartment rent in DC is 1,570$ a month which is down 14.4% from last year. The farther away from the city centers the less rents have declined. Overall the article is trying to inform about the rent being down for most apartments in big cities, so helping people know if they think about getting an apartment in one of these places.

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It was interesting to learn about how the prices for housing is going to be the highest in 40 years. There is 21.9% annual growth for about 7 million homes sold as opposed to last year with a 6% increase. Since more and more houses are being sold, there is more competition for houses which is what causes the price to skyrocket.

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buying a house will definitely be the biggest purchase some people make. The market on houses despite the pandemic, has gone up. The houses are more expensive because of supply and demand.

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The article basically talks about various things to buy a home. Due to the pandemic those who wanted to buy a house have missed their chance because it had to be postponed. The article also teaches some strategies on buying homes like a flexible mindset and competitive offers.

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The article talks about owning home is right for you. While owning a house can be expensive it will give better security and privacy.

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This article explains the importance of being an informed home buyer, and how its crucial to have everything you want and need decided before you start the purchasing process. It explains that you should know exactly how much you are willing to spend, along with what aspects of a home are important to you. However, it also warns you to be flexible, as sometimes necessities like location and size are more important than other wants.

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This article talks about the 6 steps that you should take when buying a  house. It also tells you the steps you should take when having to deal with Covid- 19 and buying your house. I like how it reminds you all the little mistakes you can avoid, like a check list. It tells you about the bills and fees you have to remember to pay. Also links articles for more detailed information about every step.

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Good article. Gives good details about how to find better deals and prices. it also gives advice on figuring out how big the home needs to be to accommodate you.

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This article talks about how people are uneasy to buy now, due to COVID. Also store inventory is low, making it hard for buyers to get the things they need. There are also a limited number of homes, making it a larger competition for a home.

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The article talks about tips when buying a home in 2021, as the housing market is vastly different from years past. Tips vary from common tips such as determining what you can afford, to more obscure ones like comparing rates and mortgage. In my opinion, the most useful one is being flexible, as flexibility is important when buying a home and to not be too fixated on one house.

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This was a helpful article that provided many good pros to renting opposed to owning. I learned that renting provides much more amenities and is a more efficient lifestyle. More people should consider renting and educate themselves on it.

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The article talks mainly about the effects of the COVID-19 pandemic on the vacancy of apartments in big cities like Washington D.C.

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This article first claims that homebuying could be stressful so that we need preparations, especially during COVID-19. During the quarantine, the demand increased since people were attracted bu low mortgage rate, so that the average sales price for house actually increased. Next, author introduced six tips for buyers that help them to buy a house. The most helpful one would be "be flexible when shopping for the perfect home" because you might miss it when you are wavering. Keep up with deadlines is also important because delay could make the process longer.

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Renting is a great option for people who can't afford to make larger purchases such as buying a house. The perks of renting for renters include not needing to make repairs, and having access to things like your own dryer or pool, although it does depend on the apartment. These amenities or small things allows renters more privacy than an apartment. And if the renter wants to move somewhere else, they just wait until their contract ends and get moving. This is a perk because many homeowners would have to sell their home before moving which can take a long time, and may even lead to renovation in hopes for a good buyer.

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The article talks about the advantages and disadvantages of owning a home and comparing it to renting.

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Essentially, this article lists three key points to keep in mind when buying a home in 2021: Firstly, that mortgage lenders have increased the requirements for a successful loan application (stable income, high down payment, FICO score above 750). Second, that there are many fewer real estate listings overall this year and that it is important to be open to compromise, as options are limited. Finally, because there is a smaller 'supply' of real estate, the cost is higher than in past years, and the market is far more competitive.

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I like how the article listed out the steps you should take when you want to buy a home. They also included descriptions and further explained why and how o make these decisions.

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It was interesting to learn and see how much prices of the houses has grown and is going to grow in 40 years. Due to growth in house purchasing there is competition for houses and that cause prices to be such high

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This article talks about that buy a house is something that happens every time and Americans don't care is there something happen like a pandemic or maybe a war, at the end people complete the goal of buying a house.

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This article shows how to find out if you should continue renting or if you are ready for the next step. In the article it's telling you things you should keep in mind when deciding between the two. It is very useful to do this so you know you are making the right decision.

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I don't think this article is relevant to me, for I will not be buying a house in 2021 and the current info will probably be out dated by the time I buy a house. Regardless, much of the info was interesting. I'm surprised that house prices are still rising despite the pandemic. I wonder if this is due to the amount of people moving out of cities and into more rural areas.

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This article first talks about how the housing market, even in Covid-19, has yet to slow down and is still rising. It also goes into detail about 6 different tips when buying a house. Of the 6 tips, 2 really stood out to me. One, be flexible when shopping for the perfect home. My dad does a lot of home improvement projects on his home and this feels in line with me. The other is to not skimp out on deadlines. As a student, I have a bad habit to procrastinate. I know it'd be very bad to procrastinate with home buying. If you miss a due date, it's not like you can get late credit; the deal is done and you can't change anything now.

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This article talks about how due to the pandemic thats going on 39% of people trying to buy a house have either postponed or canceled. Prices have increased, inventory is scarce, and mortgage lenders have raised standards for qualifying applications. The article also talks about some requirements you would need to have in order to successfully purchase a house in 2021, they include : An attractive mortgage application, A flexible mind-set, and a competitive offer towards the house you would like to buy.