Buyer Demand & Our Economy

Buyer demand is surging amid this economic downturn. Here’s why.

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Every economic downturn in history has slowed buyer demand in the U.S., but this downturn is different. We’re seeing a new demand among buyers, and people across the country are moving. Why is this happening? Let’s look at the data:

Mortgage rates hit an all-time low of 2.98% in July, and mortgage applications rose 33% year over year during the first week of July. As a result, home sale activity has rebounded. Existing home sales rose 20.7% month over month, and new single-family homes rose 13.8% year over year—the highest mark in 13 years.

Every economic downturn in history has slowed buyer demand in the U.S., but this downturn is different.

Home prices, meanwhile, have risen 2.8% and are at an all-time high. On top of that, after months of social distancing, people have never been so aware of the inadequacies of their own homes. This means they’re ready to move.

If you’re thinking of buying, selling, or would like a home valuation, don’t hesitate to give me a call. I’d love to help!