Who would have thought a pandemic could be a great time to buy a home? As you know, economic uncertainty, low inventory and stay at home restrictions all put a damper on most business types in spring and early summer of this year. However, watching our rapid recovery has been very encouraging for the future of real estate. Check out the latest promising news in real estate from September!
Listings Are Returning
While the market has been considerably emptier than usual throughout the year, the signs of recovery have been very clear from July through September. Now that the public feels a bit safer social distancing in public, it feels like early autumn is effectively making up for a more so static spring and summer. The final factor we were really waiting on was an uptick in new homes on the market, and they’re starting to return. Sellers returning to the market is great news for homebuyers, and the large array of pricing on homes should make it significantly easier for everyone to find their ideal space.
Mortgage Rates Stay Low!
Mortgage rates have managed to stay incredibly low throughout the pandemic. In early August, rates reached an all-time low of 2.88% for 30 year fixed-rate mortgages. At this point, they are still very low at just below 3%. If you are looking to refinance your home, this is truly a great time to do so. You don’t want to miss out on these rates! These low rates will also come in handy for homebuyers looking to take advantage of very reasonable rates.
Demand is Changing
Something to keep an eye on as we move through autumn of 2020 and beyond is the predicted shift in home real estate preferences. Experts now predict that buyers will favor larger homes due to the changing working conditions that COVID-19 has caused. At this point, businesses are realizing that working virtually long term is a feasible solution. Homebuyer preferences are likely to change as such. Expect large, suburban homes to be more sought after than smaller homes closely situated to cities as the year continues.
Partner with Dan Cohen Homes to Navigate the Real Estate Market Today
To learn more about our investment options if you’re looking to sell your home or interested in property investment, please contact Dan Cohen Homes today.