Well 2020 for sure is a year to remember. Have You Ever Seen a Housing Market Like This?, This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market.
Housing Market Recovery
Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.
The result? Total transformation of the market from rock-bottom lows to exceptional highs.
Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations.
From pending home sales to purchase applications, buyers are back in business and homes are selling – fast.
According to the Housing Market Recovery Index by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year.
Record-Breaking Mortgage Rates
Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market.
When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.
Continued Home Price Appreciation
One of the key drivers of home price appreciation this year is historically low inventory.
Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market.
Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.
Increasing Affordability
Even as home prices continue to rise, affordability is working in favor of today’s homebuyers.
According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed.
If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.
Bottom Line
With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again.
Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.
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