Do you remember the hot spring homebuying season?
You should. It wasn't that long ago. If you shopped for a new home any earlier than April, you weren't likely to find many new listings. And you almost never saw anyone else out looking.
The winter buying trade-off? Less competition for what was available, and motivated sellers. Those days, for the time being, are gone.
In the winter of 2021, a backlog of buyers exists wanting to take advantage of record-low mortgage rates
Adding to the demand is the stay-at-home culture of the coronavirus pandemic, pushing already diminished supply even lower.
Just 1.28 million homes were available for sale at the end of 2020 - down 22% from a year earlier and the lowest since the National Association of Realtors (NAR) began tracking the metric in 1982.
But the housing market remains remarkably resilient, despite the pandemic's brutal economic fallout.
Across the nation, homes listed for sale are averaging less than a month on the market before going under contract. Average closing time in December 2020 was 21 days.
As coronavirus vaccines are rolled out, experts expect a slight upward rise in mortgage rates, but still predict home sales to increase to increase in 2021 - roughly 10% for existing homes and 20% for new construction.
Based on surveys of 23 top American financial and housing experts, NAR predicts a post-pandemic economic rebound with improving job conditions.
Would you love a new home this February? Bay Equity Home Loans can help. Call us to obtain a home loan application or pre-qualifying letter.
We offer the very best in customer service and state-of-the-art technology, too. We're committed to finding the best loan product for your financial situation
And what about just making your current palace more presidential? A cash-out refinance loan from Bay Equity can help balance your budget. You don’t have to hold high office to dream big!
Consumer confidence about home buying is rising. Your home equity is, too! Cast your vote for Bay Equity! Contact us today!