All About Home Buying

The beginning of  2020 hit us with an unprecedented pandemic. While some businesses and industries across the globe suffered a severe hit, others continued to flourish. This included Real Estate! More and more people, especially first-time homebuyers, are looking forward to cementing their homeownership goals this Fall.

Here’s what you should know:

Delayed real estate deals piled up

The COVID19 pandemic had us all strictly grounded. People throughout the country were home-bound in the first half of 2020. People significantly reduced social interactions. Those who were planning to nail down their home purchase in 2020 decided to wait until the pandemic situation stabilized. They are now looking forward to locking-in their home-buying deals this Fall.   

Mortgage rates at an all-time low

Another positive indicator of the fall home buying market is the lower mortgage rates! The mortgage rates typically mirror that of the Fed rates, which have declined since the turn of the COVID pandemic. As a result, the current mortgage rates are under 3%, which means buyers can obtain mortgage loans at a very attractive rate.

New construction

The share of newly constructed homes remains constant throughout the year, but this fall we are expecting to see increased production. Some New Construction builds were halted in the spring of 2020, but they’re back in production this Fall as investors try to make up for the lost time. It means even more newly constructed homes rolling out with great opportunities for potential buyers.

Buyers compete

Lack of listings means higher demand. Buyers often will have to bid higher than the listed price to get the house they like. According to a survey, recent months saw many homes under contract after only two weeks on the market. This is great for sellers!

 Are you looking to buy or sell? Let’s chat and discuss your real estate needs!