The summer of 2020 will long be remembered in the United States. Even with a Covid-19 pandemic, an exciting trend occurred across America. From the East to West Coasts and the Northern and Southern borders, people are moving.
The lockdowns we experienced caused many to reconsider how they live and work. Even today, many continue to work from home and may never go back to an office. Families who had always had full sports, school, and social calendars and were continually exhausted as they ran from event to event found themselves involved with their families 24 hours a day at home, and they liked it. Being with their families and being safe has become the number one priority. Housing needs and wants have begun to change. A typical wish list is a larger home with office and study space, a roomy casual gathering space, a spacious kitchen where the family can cook and be together a bigger yard for the children to play, and outdoor space for mom and dad to grill and entertain. Thousands have thrown in the towel on urban living, and the suburbs are once more in demand!
To further confuse things, interest rates are now at a historic low (this is a good thing for housing), and who would have ever thought that the housing market would be the “star” of the economy after the 2008 housing crash. Yet, here we are… but, what does it all mean to those wanting to move? Many ask, is this the right time to move? Buying, selling, or both is something only you can answer based on your circumstances. We can say that record-low mortgage rates and inventory shortages keep the housing market strong with respect to buyer demand. These historic rates allow buyers to purchase their dream homes by giving them an affordable monthly payment. If you are the seller in today’s market, the lack of inventory is bringing sky-high prices and, in many cases, a quick sale.
Times are different. Between the continued threat of the coronavirus, a wobbly economy, and layoffs, it’s no surprise that many who may have hoped to sell their homes are wondering whether to put those plans on hold.
Such hesitancy is understandable. The irony is that, after closely examining current housing market conditions, many experts believe this could be one of the best times to sell a home in years. So far data implies this is the time… that buyers outnumber sellers in the housing market, which suggests it may be better to be a seller than a buyer.
Fall is usually a good time to purchase a home. This year the coronavirus sent the market into a spin. This summer’s demand outstripped supply and the highly competitive environment has continued into the fall. It is not unusual for buyers to demand to decrease and listings to remain longer on the market. That is not the case this year. Homes are spending an average of 12 days fewer on the market than the same time last year and three days fewer than August 2020 according to a Realtor.com study. In many ways, the market is behaving almost as if it is still summer.
There are many factors at play but low mortgage rates continue to drive the buyer. Listings will soon begin to increase and buyers concerned with rising prices may not be willing to wait. Projections show that while prices are continuing to increase there may not be a slowdown in the near future.
As cited people are moving. They are buying and selling real estate. But it is not just business as usual. Do you buy or sell first? What are the best mortgage rates, what if you need interim housing? Questions the Barbara Popp team can answer. They continually check the market for new properties and low interest rates. These professionals are trained to value your home and to work with you in setting the amount you are comfortable with if you are purchasing a home. Numbers are important and having a Realtor you trust and can depend on is invaluable. Call or email to arrange a time to get together: matt@barbarapopp.com or 502.653.9343.
