Because of the COVID-19 pandemic, home sales in 2020 were very irregular compared to typical years. The buying season seemed to last all year, and 2021 is shaping up to be another hot year for homebuying.
The National Association of REALTORS indicated that available inventory has dropped 23% from the year before. With such high demand, it would take just 1.9 months to sell all the homes on the market. Yet, that hasn’t stopped home sales from rising as buyers move in quickly to purchase their dream homes.
As builder confidence and demand for housing have been on the rise, applications for building new homes increased. Plus, sales of existing homes increased 4.5% in the Northeast and 1.1% in the South. While people working remotely look to leave cities and move to bigger homes and people look to take advantage of low home financing costs, demand for homes has remained and continues to be unseasonably high.
The increase in people working from home is having and will continue to have a significant effect on the market. People are moving out of the cities now that they aren’t tied to the location for work, putting home sales in suburban and rural areas on the rise.
With homes selling so quickly, you need a mortgage lender who can make the process simple and efficient. Once you’ve found the right home, you don’t want to get stuck in the financing process, potentially losing out on the house. That’s why we work to create a convenient and seamless process for home financing. If you’re looking to buy your dream home, contact us today. Our experienced Loan Originators will be ready to guide you through the process.
Sources: National Mortgage News, National Association of REALTORS