- Home-buying demand is now 16.5% above pre-coronavirus levels on a seasonally adjusted basis, driven by record-low mortgage rates
- Demand for homes is far outpacing housing inventory. 45% of homes were on the market less than two weeks for the first two weeks of May.
- 3D and virtual homes tours are becoming increasingly more popular as tech native Millennials prefer the use of technology.
Home-Buying Demand Reaches New Peak
Home-buying demand surges and is 17% higher than it was before the pandemic, on a seasonally adjusted basis. Following the turmoil and adjustments many made to the new working environments fostered by the COVID crisis, the real estate market was active as home-buying demand surges. Accordingly, mortgage rates have stimulated the housing market, with the average 30-year fixed-rate mortgage at record lows of 3%. The combination of these factors has been a real estate market that is red hot and rife with activity. Naturally real estate markets ebb and flow with consumer demand, pricing, and interest rates.
If you are in the market for buying or selling a home, Vinny Steo is your best choice in Bel Air, Maryland to help you. Call us at 410-220-0016 or fill out the form below.