Home Sales Hit a Record-Setting Rebound!
Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic. Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply. With mortgage rates hitting an all-time low, dropping below 3% for the first time last week, potential homebuyers are poised to continue taking advantage of this historic opportunity to buy. This fierce competition among buyers is contributing to home price increases as well, as more buyers are finding themselves in bidding wars in this environment.
Bottom Line
Buyers returning to the market is a great sign for the economy, as housing is still leading the way toward a recovery. If you’re ready to buy a home this year, reach out to a local real estate professional to make sure you have the best possible guide with you each step of the way.
Florida Realtors’ data: July saw more sales, higher median prices, more new pending sales and more new listings year-over-year. Single-family sales rose 11.7%; condo sales were up 6.5% – “the 1st year-over-year increase in this category since March,” says Chief Economist O’Connor.
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Economic Recovery
The pandemic’s effects on businesses across the country have understandably led to slowed economic activity, but we’re already seeing signs projections of a recovery in the second half.
Higher Buyer Demand
According to Freddie Mac, “Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood.” This “buying mood” combined with low inventory is driving an increasingly competitive market with sellers in the driver’s seat. On top of that, growing equity is allowing many homeowners to sell for an increased profit, and then reinvest their earnings in a new home.
Low Inventory
If inventory was low before the health crisis, it’s hit rock bottom. Understandably, many of those who were thinking of selling this year have put their plans on hold, with fear of the market’s future and the safety of their family top of mind. But equity is growing. Home values are appreciating. And economists are forecasting that real estate will not only finish 2020 strong, but growing in strength.
Call me today with any questions or concerns you have with our current housing market. I think it is important to educate consumers on housing.
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Sometimes it helps to see the dollars and cents you’ll save when you purchase a home while mortgage rates are low.
Today’s low rates mean it’s less expensive to borrow money, so the savings over the life of your loan is significant.
Let’s connect to determine the best way to position your family for a financially-savvy move in today’s market.
Why Foreclosures Won’t Crush the Housing Market Next Year
Why Foreclosures Won’t Crush the Housing Market Next Year | MyKCM
With the strength of the current housing market growing every day and more Americans returning to work, a faster-than-expected recovery in the housing sector is already well underway. Regardless, many are still asking the question: will we see a wave of foreclosures as a result of the current crisis? Thankfully, research shows the number of foreclosures is expected to be much lower than what this country experienced during the last recession. Homeowners today have many options to avoid foreclosure, and equity is surely helping to keep many afloat. Even if today’s rate of foreclosures doubles, it will still only hit a mark that is more in line with a historically normalized range, a very good sign for homeowners and the housing market.
Homeownership can truly warm your heart when you need it most. If you’re thinking of buying a home this year, Call me so you’re sure to have a trusted expert on your side.
CURRENT BUYER AND SELLER PERKS IN THE HOUSING MARKET
The most impressive buyer incentive today is the average mortgage interest rate. Just last week, mortgage rates hit an all-time low for the eighth time this year. The 30-year fixed-rate is now averaging 2.88%.
Seller incentives is low inventory. There are simply not enough houses on the market for the number of buyers looking to purchase them.
Let’s connect today to discuss how they may play to your advantage in our local market.
Things to Consider When Buying a Home The process of buying a home can be overwhelming at times, but you don’t need to go through it alone. You may be wondering if now is a good time to buy a home ... or if interest rates are projected to rise or fall. I put together a free eGuide for you that will answer many of your questions and likely bring up a few things you haven't even thought about yet. Just click the button below to read it now! Read Your Guide Now
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Experts are raving about the amazing recovery the housing market has made. Let's connect to plan the best move you and your family can make this year.
With more companies figuring out how to efficiently and effectively enable their employees to work remotely (and for longer than most of us initially expected), homeowners throughout the country are re-evaluating their needs. If your personal and professional needs have changed and you’re ready to accommodate all of your family’s competing priorities, let’s connect today. Making a move into a larger home may be exactly what you need to set your family up for optimal long-term success.
The housing market is forecasted to finish the year with growing strength.
Historically low mortgage rates are creating great potential for homebuyers, and home sales are on the rise.
If you’re thinking of buying or selling a home this year, let’s connect to maximize your opportunity today.
With average home sale profits growing, it’s a great time to leverage your equity and make a move, especially while the inventory of houses for sale and mortgage rates are historically low. If you’re considering selling your house, let’s connect today so you can better understand your home equity position and take one step closer to the home of your dreams.
