Of all the unexpected and strange outcomes of the global pandemic, the housing market boom is certainly at the top of the list! A mixture of pandemic-induced work-from-home job opportunities and record low mortgage rates combined to create a booming housing market several months ago, but how is the housing market right now? Are homes still getting offers within days of being listed? Are mortgage rates still at a historic low? Perhaps, like many others, your job now offers the opportunity to move closer to family members you’ve been missing. When given an option to work remotely from anywhere you’d like, why not work from a state where the sun shines year-round? If this is your situation and you’re looking to list your home — you’re in luck! The housing market remains strong with no predictions to suddenly change! Here are a few reasons why this is so.
Current Mortgage Interest Rates
One of the major contributing factors in so many people choosing to relocate within the past several months is the record low mortgage rates. Compare today’s average rates to those of 10 years ago and it explains why so many are in a frenzy to buy now. Experts aren’t predicting this to change drastically anytime soon, but as historical trends show, they will eventually. Low-interest rates have opened the market to those who otherwise couldn’t find a good reason to sell and produced an influx in demand.
Low Housing Inventory
The current housing inventory might vary from location to location, but across the nation the average inventory is low. This means there are substantially more buyers than available homes for sale. The outcome of this imbalance is higher home sale prices and a very competitive market! In such a competitive market, a great real estate agent is more important now than ever. The average length a house spends on the market is much lower than in recent years, so finding an agent who can act quickly and give wise counsel is crucial.
Improving Economy
Naturally, the economy has an immense impact on the nation’s housing market. With today’s economy reaching and perhaps even surpassing that of the pre-pandemic economy, more opportunity exists for citizens to purchase homes. It’s best for homebuyers to do their own research on economic trends, but many economists are pointing toward the strengthening U.S. economy for the foreseeable future — another positive sign for the housing market.
Are Millennials Buying Homes?
Statistically, the largest current generation by population is the Millennial. Data is proving they are the largest force within the housing market right now. Most within this generation are currently or quickly approaching the average age Americans purchase homes. This is great news for the U.S. housing market and adds to the reasons why it’s so red hot! With each of these factors combining to create a competitive housing market, you’ll want an agent who understands the home buying and selling process like no other. If a mixture of life circumstances and the strengthening economy has opened new doors to you, why can’t one of those doors be into the home of your dreams? Contact one of Brevard’s best, Misty Morrison at 321-574-8119.
