Why Now is the Time to Buy Homes for Sale
Now is the time to buy homes that are for sale, because it’s a buyer’s market. For many buyers, this feels new, because the pandemic has created an odd market where home sales are making headlines in local papers. The truth is that the market has been a buyer’s market since 2007, and that trend is here to stay, in every state of the nation. Homes for sale in Austin for example are staying on the market for an average of 26 days.
Every city in America is seeing this boom right now. The economy is telling you, now is the time to buy. Here are some more numbers to crunch.
It’s Not A New Trend
When the real estate bubble burst in 2007 and 2008, foreclosure became the new “F” word in America. However, by 2012, home prices began to see normal figures, rising approximately 70 percent in every state. That number is consistent today.
Now we have the coronavirus impacting the economy, but the demand for a new home has not changed. This is true for any sized home. Luxury homes for sale Austin-based are going just as quickly as a single-family dwelling, a trend that the entire nation is experiencing.
This year, approximately six months after the Covid-19 lockdown orders began to ease, the Mortgage Bankers Association reported that mortgage applications increased by 34.7 percent from 2020.
Americans are not so quick to sell their homes right now, so inventory is low. That is making it a buyer’s market.
The Trend Will Continue
The trend is expected to continue with 2021 anticipated to be even more bullish for the real estate market than 2020. Home sales dropped at the beginning of the pandemic during an election year. The uncertainty of the entire year caused widespread panic which is going to wreak havoc on sales of any kind.
Now, with a new Administration, or at least one that America knows is sticking around for a while, and a vaccination program under control, Americans are feeling like Americans again, a bit. They are at least less uncertain than they were in Spring 2020 when it felt like the world was falling apart.
That energy is good for the economy, and it’s healing the real estate market considerably. It’s time to take action.
Book a Real Estate Appointment Today
It’s a good time to invest or purchase your first home with numbers like this. Whether you are looking for homes for sale in Austin, or homes for sale in Wichita, there’s something out there for everybody now. You have nothing to lose by booking an appointment with a real estate agent today.