A recent survey by Lending Tree indicated that 53% of all homebuyers are more likely to buy a home in the next year, even amid the current health crisis. Here are the three main reasons.
1. Low Mortgage Rates
This is the biggest reason potential homebuyers said they’re eager to purchase this year. Low rates are making it more affordable than ever to buy a home.
2. Reduced Spending
One upside of sheltering in place is that many people have minimized spending on things like commuting, social events, and more. This has allowed them to save for a down payment and closing costs, making purchasing a home more feasible.
3. Re-Evaluating Their Space
Spending time at home has also given buyers a chance to really evaluate their living space, whether renting or as a current homeowner. With time available to make a wish list of what they really need in their next home, they’re ready to make it happen.
If you’re thinking of selling, know that your home may be in high demand as buyer interest grows and the number of homes for sale continues to dwindle. This may be your moment to list your house and make a move into a new space as well.
Bottom line, if you’re ready to buy or sell – or maybe both – let’s connect to put your plans into motion.
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