Blog
The housing market has remained a strong pillar in an otherwise tumultuous economic year. A sharp rise in demand, spurred by record-low interest rates, continues to bolster homeowner equity.
The number one factor impacting today’s homebuying affordability is record-low mortgage rates. There’s no doubt that prices are on the rise. However, mortgage rates have fallen dramatically.
In today’s hyper-competitive market, buyers are often willing to overlook cosmetic or minor repair needs if it means snagging a home in their price range.
As shelter-in-place orders were implemented earlier this year, many questioned what the shutdown would mean to the real estate market. Specifically, there was concern about home values.
There’s a strong preference for less populated locations such as suburban and rural areas. Home buyers seek more space for social distancing, work from home flexibility, and affordability.
Today’s low rates are off-setting rising home prices because it’s less expensive to borrow money.
Big jump in the homeownership rate today, mostly driven by younger households. We saw a spike in the number of owners, and a decline in the number of renters. This is the highest rate of homeownership since 2008.
With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers.
Many families are no longer comfortable with their locations and layouts. The allure of city life seems to be giving way to either suburban or rural life.
