With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy spring real estate season is shifting into the summer. In 2020, summer is the new spring for real estate.
According to Mortgage Bankers Association Economist Joel Kan, “Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks.” Additionally, according to Google Trends, more potential homebuyers are looking for homes virtually.
What’s the opportunity for buyers? Historically low mortgage rates. With mortgage rates at such low levels and states gradually beginning to reopen, there’s more incentive than ever to buy a home this summer.
What’s the opportunity for sellers? Finding a home to buy is still a challenge, as this spring sellers removed many listings from the market. Though more people are now putting their houses up for sale this month as compared to last month, current inventory is still well below last year’s level. Buyers are looking, and your house may be at the top of their list.
If you’re thinking of buying or selling, this summer may be the perfect time. DM me so we can make sure you’re ready to get in on the action.