With many changes happening throughout 2020, one thing has remained consistent; the growth of home purchase demand. The combination of historic low mortgage interest rates and lowering available homes for sale, the pressure has created home purchase demand.
A recent article by CNBC.com provides an excellent overview of the details that report a historic increase in existing home sales in June over May. The key points they present include respected sources like the National Association of Realtors:
There is a multitude of information on every media outlet about the coronavirus impact on our lives and businesses. And there is a lot of misinformation included in some of what we are reading and hearing.
Fannie Mae’s Home Purchase Sentiment Index (HPSI) hit a record high in July 2019, according to an article on FannieMae.com. They state that the increase results from “Confidence About Not Losing Job” as well as other factors.
For those who have considered buying a home, but have not yet pulled the trigger, this may be the year to make that move. After multiple years of a seller’s market, many sources reflect a shift to a buyer’s market.
There is overwhelming statistics proving that our nation is facing a housing shortage crisis. The shortage has caused substantial sales price increases, preventing many potential buyers from affording home ownership.