Because of this, affordability reached one of the highest levels it has in the last 30 years. Naturally, eager buyers followed.
The good news is, experts are predicting that mortgage rates will remain low for the foreseeable future.
While home prices continue to appreciate across the country (more on that later), the counter of the low mortgage rates have made purchasing a home increasingly affordable, especially for first-time homebuyers.
This trend is expected to stick around in 2021, but a possible slight increase in mortgage rates and appreciating home values could lead to a slight decrease in affordability for 2021.
Pro tip: Lots of buyers in the market means another year of bidding wars. Make sure to include language about it in your marketing materials and help set expectations for your clients by sharing infographics like this.