Before the coronavirus’ onset in mid-March, most industry analysts were forecasting a hot housing market this year. Buyer demand was up and the inventory of homes for sale was lower than normal. Inevitably, that combination would lead to homes selling quickly, competition among buyers, bidding wars, and price increases. But then the pandemic took hold.
Sales Higher Than Original Forecast
Many economists pulled back and adjusted their outlook for what seemed like it’d be an enormous obstacle for hopeful home buyers and sellers this year. Fortunately, though, the housing market bounced back quicker than expected. In fact, according to one recent report, the summer market now looks even hotter than originally forecast. For example, according to the release, homes for sale this summer are selling at a faster pace than at any point in the past two years. In July, homes that sold were typically under contract in just 16 days. That’s two days faster than the previous monthly low reached in January 2018. In short, the virus led already-low inventory to drop even further, which has caused competition for available homes to heat up. That means prospective buyers should be ready to act fast when they find a home that suits their needs and lifestyle. Click here for more information (source).
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your mortgage needs. Get pre-approved and start shopping for your dream home by clicking here!