According to the National Association of Realtors, in the month of June they have seen at least a 20 percent jump for existing home sales around the United States.
This is significant because it is known to be the single largest increase since back in 1968.
Looking to Change The Environment
More people are looking to move to the suburbs which is fueling the home-buying, and there are also millions of people that have recently had to move back home because of the COVID-19 situation as well. Those who might have been in apartments typically renting, are also now looking for more room.
Some might say that they picked a good time to buy. That is because so many might be looking for financial help at this time, they might have to sell their properties as a result, which likely leaves good deals around to be found by those who are on the search right now.
The U.S. mortgage refinancings at the moment are said to be on the rise.
Right now in the housing market there is said to be a backlog of buyers and they want to find those good deals, to try and take advantage of any new more appealing mortgage rates.
Still, owning a home is going to be out of the question for many. Especially if you are looking in major cities around the country. The median price of existing homes has been on the rise and for many couples today or single adults, it just isn't feasible to enter into that sort of debt arrangement.
But the homeowner dream is still one that rests with millions. Especially now after the COVID-19 situation people are looking for more room, especially more space to grow, and that leads them looking for new places in areas like the suburbs around the United States.
Pics:
pixabay
It will be interesting to see what the numbers look like for July...
Will it affect Real estate market?
We are in the process of buying a home. We didn't want to. However the owner was willing to take less than market price. At the title company, we learned that purchases are going up. They attribute it to the super low interest rates. I can't help thinking that it's the interest rates AND motivated sellers who need cash to get by.
Posted Using LeoFinance