Housing prices expected to rise, inventory fall in 2021

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The residential real estate market was rocked in 2020 by the economic shutdowns and changes to doing business forced by the pandemic, but it also had a big rebound experts expect to continue into 2021.

“The overriding rules of real estate still apply and it’s simple: Supply and demand,” said Jesse Holland, president of Sunrise Management & Consulting. “There is now a significant lack of supply, listings are at an all-time low, and a significant issue in the construction world having to do with supply chains, labor, building departments closing — builders aren’t building as many houses and they’re not coming online as fast, therefore prices start to rise. In a seller’s market, there is less advertising and more multi-bid transactions.”

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