The economy began to resume, only to retract again in some markets. The real estate market, though, has seen consistent activity. LendingTree found that 53 percent of buyers will buy in the next year. The biggest reason? Sixty-seven percent say it’s due to low mortgage rates; which hit below 3% this month for the first time ever.Buyers have delayed purchases for months but are urgent to take advantage and find more space for working and being outdoors. New listings are still down nationally but now is a great time to sell your house as buying interest heightens. Multiple offers and a quick turn around could be in your favor.
Are you considering selling or buying a home? Let’s explore your local market and get you the right price.
Experts predicted a hot summer market as more buyers began to return to the market, even with historic lows in inventory. Last month, eager buyers acted fast to lock in low-interest rates and houses were rushing off the market. HousingWire found that “the percentage of newly listed homes to accept an offer within 14 days increased from 42% in May to 47% in June.” In some markets, like Columbus and Kansas City, homes made pending status in only four to six days.
Demand is at ’25 percent above pre-pandemic levels’ as eager buyers enter the summer market. Redfin reported that purchase applications for mortgages had a 9 week consecutive gain by the end of June and refinancing applications saw another surge as rates hit record lows. As sales move quickly, , rates continue to decline, lenders are working harder than ever and will reach a 14-year high in the industry.
