The coronavirus pandemic has caused Americans to spend more time in their houses than they did in the past. Remote work and stay-at-home orders have kept people at home and it’s changed how they feel about their living space. Mostly, it’s caused them to dream of a bigger house. The proof is in the numbers.
Bigger Homes Being Sold
For example, according to one recent analysis, the typical house sold over the past 30 days has been 3.7 percent bigger than the typical house sold during the same period one year ago. And while 3.7 percent may not seem like that much, the average year-over-year growth rate between 2015 and 2019 was just 0.4 percent. Additionally, sales of larger homes were up 21 percent year-over-year in July, nearly 10 times the growth rate for smaller homes. In short, home buyers are focused on finding more space and it’s starting to show up in the data. But while sales of bigger houses have spiked, their prices haven’t. Small and medium-sized houses are still seeing faster price increases compared to larger houses. For more information, click on the link (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!