The COVID-19 pandemic has had a big impact on the housing market in 2021, but it hasn’t caused home prices to bottom out.

“The supply is still relatively limited in the housing market, and I think it’s a surprise to some people, but home prices have been relatively stable,” says Hale.

A shrinking of the housing supply would normally create a seller’s market, where the number of buyers outpaces the supply of homes and prices increase. But in most markets, this hasn’t happened. In fact, home purchases are up because of historically low mortgage rates. Being able to lock in low rates can save you thousands of dollars over the life of your mortgage. There are opportunities out there if you have a solid credit profile and a secure job to qualify for a loan.

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