When the COVID-19 pandemic closed down most businesses in the Pittsburgh area, many would-be buyers and sellers opted to put their home buying and selling dreams on hold. But now that businesses are reopening and life begins returning to normal, the market has seen a resurgence—many shoppers are serious about buying a home!
Many Are Serious About Buying a Home—Here’s Why
A recent report by the National Association of Home Builders showed that of American adults considering a home purchase in 2020, about half were already actively engaged in the search process. Surprisingly, this number is significantly higher than in years past. So, why are so many so serious about buying a home?
Mortgage rates are very low
Actually, mortgage rates aren’t just low—they’re historically low. In March, interest rates hit their first all-time low, but they didn’t stop there. In April, the record was broken again. And in June, again. Now, rates hover at around 3%, which could mean significant savings monthly, annually, and throughout the duration of the loan.
More than a few buyers are highly motivated by the prospect of saving tens of thousands of dollars on their home purchase; these buyers are understandably eager to make a move while rates are low.
Home needs have changed
The COVID-19 pandemic changed a lot of aspects of our everyday lives. Many of us spend more time at home these days—working, entertaining, cooking, exploring new types of fitness, enjoying time outside… And many have come to realize that they simply don’t have the right home for these changing needs.
Many buyers, spurred by low interest rates, are actively seeking homes with more space, more amenities, and more ways to spend time in the outdoors.
Millennials have more buying power
The millennial generation currently makes up the largest portion of the real estate market. That generation has suddenly found itself with buying power 16% greater than last year. More buying power means more income or money to put towards a home.
Currently, of millennials planning to purchase a home the next year, over 50% are actively searching for a home and serious about buying.
It’s a Great Time to Sell
If you’ve been thinking about listing your home, now is definitely the time. Buyers are out in full force and are serious about making a move. As a seller, you can’t ask for better conditions than a high-demand market.
If you’re thinking about buying, you will likely face some competition, but the pros (like low mortgage rates) can definitely be worth the extra vigilance required to find the home you love.
Making a Move in Pittsburgh?
If you’re thinking about making a move in the Pittsburgh area, we’re here to help. Contact the Jim Dolanch Team today to find out more about how we can help you find the perfect home… or list your current home for top dollar.