The results of the recent surveys indicated 53% of all homebuyers are more likely to buy a home in the next year, even amid the current health crisis.
Here are 3 main reasons for this.
1. LOW MORTGAGE RATES.
Today’s low rates are making more affordable than ever to buy a home, which is a huge incentive for purchasers. In fact, 67% of the potential buyers want to take advantage of low mortgage rates. This is no surprise when comparing historic mortgage rates by decade.
1. REDUCED SPENDINGS.
Some people have also been able to save a little extra money over the past few months while sheltering in place. One of the upsides of staying home recently is that many have been able to work remotely and minimize extra spending on things like commuting expenses, social events, and more. For those who fall into this category, they may have a bit more saved up for down payments and closing costs, making purchasing a home more feasible today.
1. RE-EVALUATING OF THEIR LIVING SPACE.
Spending time at home has also given buyers a chance to really evaluate their living space, whether renting or as a current homeowner. With time available to craft a wish list of what they really need in their next home, from more square footage to a more spacious neighborhood, they’re ready to make it happen.
What does this mean for buyers and sellers?
With these three factors in play, the demand for housing will keep growing this year, especially over the summer as more communities continue their phased approach to reopening. Buyers can take advantage of additional savings and low mortgage rates. And if you’re thinking of selling, know that your home may be in high demand as buyer interest grows and the number of homes for sale continues to dwindle. This may be your moment to list your house and make a move into a new space as well.
If you’re ready to buy or sell – or maybe both – let’s connect to put your plans in motion. With low mortgage rates leading the way, it’s a great time to take advantage of your position in today’s market.
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