With all of the action going on in the real estate market, it could be a good time to purchase a new home – especially given the low mortgage rates. But before you make a decision about what is oftentimes the largest purchase of a lifetime, there are some other factors to consider, particularly with rising home prices and a shortage of properties for sale.
Spring and summer are typically considered the peak real estate “buying season.” But like many other aspects of 2020 (and 2021), the “new normal” has been anything but predictable. In fact, during the early part of Spring 2020, home sales actually slowed – at least for a short period of time – due to the many restrictions that were associated with COVID-19.
But as 2020 progressed, not only did home sales trend upward, they increased significantly throughout the remainder of the year, and into early 2021. In addition to low mortgage rates, another criteria impacting this trend has been families looking for homes in more suburban areas to obtain more space.
In many cases, location has been less of a factor because fewer people have long commutes to and from work. Plus, with so many more people working from home – both now and into the foreseeable future – the need for an extra bedroom or other work area has increased exponentially.
Due to the “shortage” of homes on the market, prices have gone sky high. So, it is definitely a seller’s market. But, if a lower monthly mortgage payment can help to balance out a higher purchase price, now could still be a good time to find a home that may better fit your current and future needs.
If you’re not sure whether now is the best time for you to purchase and/or sell a home, give us a call and we can discuss your options. We can also provide you with a no-cost, no-obligation evaluation of a property you may be considering putting on the market.
Is now a good time to buy a house? Should homeowners sell? Your guide to the hot real estate market. MarketWatch. https://www.marketwatch.com/story/is-now-a-good-time-to-buy-or-sell-a-home-heres-what-americans-need-to-know-about-the-hot-real-estate-market-11619045651