Real Estate Leader Brian Buffini, joined by NAR’s Lawrence Yun, Reveals ‘Bold Predictions’ for 2021 Real Estate Market
Tight inventory, rising home prices and low mortgage rates are the new normal for 2021 as the economy recovers and buyers relocate due to remote work opportunities.
CARLSBAD, Calif. (December 8, 2020) — Real estate legend Brian Buffini unveiled his Bold Predictions for the 2021 real estate market in the free annual broadcast, “Brian Buffini’s Bold Predictions.” He was joined by Lawrence Yun, Chief Economist for the National Association of REALTORS®, who shared NAR’s forecast for the economy and real estate market going into the new year. The two industry leaders expect a continuation of tight inventory, increasing home prices, low mortgage rates, significant job growth and a competitive housing market fueled by buyers looking to relocate as a result of remote work opportunities.
“We’re already in the midst of a very significant economic recovery, which is shaping a hot real estate market for 2021,” says Brian Buffini, Founder and Chairman of Buffini & Company. “Solid employment, low interest rates and buyer demand are critical for real estate, and we have all of this. Homeownership is attainable and affordable, and if you’ve been thinking of entering the market, now is the perfect time.”
Buffini also notes that buyers are looking to leave cities for more affordable suburban areas, and millennials who lived at home during the pandemic are expected to hit the market hard in the coming years. In the broadcast, Lawrence Yun supported this claim, predicting home sales to shoot up nearly 20% year-over-year in Q3 and Q4. This, he says, is due to a delayed spring buying season as a result of COVID-19. Still, while the demand is there, a healthy supply of new and existing homes is missing.
“If we had 30% more homes available for sale, home sales would be correspondingly higher,” says Lawrence Yun of the National Association of REALTORS®. “We simply don’t have enough inventory, and this is where home builders need to be very busy. I know they are facing some constraints related to skilled construction workers and lumber prices essentially tripling, but there’s a strong demand for homes right now, and we need more supply.”
For years, Brian Buffini has been known industry-wide for his accurate market predictions, which have included the Great Recession and the previous inventory shortage. In March 2020, when other real estate commentators shared a more pessimistic tune, both Buffini and Yun accurately predicted the current state of the market in “This too Shall Pass — An Interview with Dr. Lawrence Yun #201,” an episode of “The Brian Buffini Show” podcast.
“In the housing market … we’re in really good shape,” Buffini said in March 2020. “It seems like the banks are in good shape, and the actual fundamentals of supply and demand are very strong, still. We’ve got a limited supply, based on our population. It seems like the real estate business is a huge sector of the economy and is actually poised to perform pretty well.”
In the broadcast, Buffini also shared what real estate agents can do to succeed in this changing market. With buyers relocating nationwide, Buffini stressed the importance of checking in with your own clients and building a reliable network of real estate professionals for an exchange of referrals. He also unveiled the real estate career path, a structure to help agents stick with the business and succeed at each stage in their career through support and targeted real estate training like Buffini & Company 100 Days to Greatness® and The Pathway to Mastery®.
For the complete market update from Brian Buffini, with commentary from Lawrence Yun of the National Association of REALTORS®, watch the replay of Brian Buffini’s Bold Predictions at www.buffiniandcompany.com/bold2021.
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Buffini & Company
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About Brian Buffini
Brian Buffini, chairman and founder for Buffini & Company, was born and raised in Dublin, Ireland, emigrated to San Diego, California in 1986, where he became the classic American rags-to-riches story. Discovering real estate, Brian quickly became one of the nation’s top real estate agents working a non-traditional methodology based on building long-term relationships with clients. Today, he travels the world sharing a message of encouragement about how to “live the good life.” His wit, wisdom and motivational style make him a dynamic speaker and podcast host, adept at helping people tap into their full potential and achieve their dreams. He is a New York Times, Amazon and Wall Street Journal best-seller with his latest book, “The Emigrant Edge.” Learn more at brianbuffini.co
About Buffini & Company
Buffini & Company is the largest coaching and training company in North America. Founded by real estate legend and master motivator Brian Buffini, the company provides a unique and highly-effective lead generation system. Buffini & Company’s comprehensive business coaching, training programs and cutting-edge content have helped more than 3 million professionals in 37 countries improve their business, increase net profit and enhance their quality of life. Buffini & Company is headquartered in Carlsbad, California. For more information, please email firstname.lastname@example.org.