Since the pandemic shook the world of real estate, housing inventory levels have suffered at near-historic lows. Rock bottom rates have led many homeowners to refinance, leaving a slew of new buyers without a pathway to homeownership. Throw in higher-than-usual prices, and it all adds up to a challenging experience for home buyers.
Yet, there’s good news on the horizon as the number of available homes steadily rises to accommodate demand.
This blog will share key insights that will prepare you to take on this tricky market with success.
Keep reading for bonus video content with more helpful information to give your home search the competitive boost it deserves.
Summer is here, and the buyers are out
Many new buyers gave up looking for homes when inventory was low and prices were exceptionally high. People were regularly outbid by buyers with more purchasing power, which underscored the importance of being preapproved for a mortgage.
The good news is that foot traffic is increasing and is nearing 80 percent.
What’s accounting for this uptick in buyer demand? Well, let’s take a look:
- More people are vaccinated. Now, more people have the confidence to view properties in person. The rate of foot traffic is now up by 20 points as a result. However, this trend has plateaued since April.
- Home viewings are up to pre-pandemic levels. This is mainly in larger metro areas, like Worcester, Springfield, and Boston, of course.
The positive action isn’t just limited to cities, however. Expect to see an increase in suburban and less populated areas as the year grinds on.
More traffic is evidence that housing inventory levels are increasing to accommodate renewed buyer demand. All told, things are looking up.
Working from Home Will Leave It’s Mark
As the pandemic empowered more professionals to work from home, many homeowners are rethinking whether or not their current home has enough space to accommodate their needs.
Many people are considering upsizing, downsizing, and even lateral moves to other parts of the country. These people will need to sell their homes, which will increase available inventory for hungry buyers.
If you’re looking for two home offices, a gym, and ample outdoor space, then now is the time to discuss your next mortgage with me. Buyers aren’t the only ones who can benefit from a skilled mortgage broker. I regularly help current property owners plan their next move in ways that get them more from their current and future homes.
If you’re looking to sell your home in 2021, here are two key things to keep in mind:
1. Contact me (or your loan officer) early. The sooner you do, the better chance you have of crafting the perfect mortgage for your next home.
2. How much cash will you have after you sell your current home? You may need a mortgage, which is a key reason to get in touch.
Sellers will need to make smart choices to help balance the market for an uptick of eager buyers. Remember, the sooner you reach out to plan your next move, the better terms we can lock in for you.
Sellers should run (and walk) to see if their home is in demand
Did you know that the number of people looking for walkability to area amenities and business is becoming increasingly important to new buyers? With more people working from home, this makes a lot of sense. Buyers are looking to anchor themselves in communities that best serve their lifestyles.
If you have a centrally located home or you’re close to public transportation and highways, you may want to consider selling. You’ll likely fetch a great price as home values are still high, and many buyers remain willing to pay for convenience.
Again, looping in your mortgage broker is a sure way to round out your selling strategy and maximize the results from your sale.
Ready to conquer the market? I’m ready to help!
Things are looking up as housing inventory levels continue to rise. Whatever the market has in store, I’m here to help you navigate it all with award-winning expertise. I regularly help buyers and current homeowners alike reach their financial goals through customized home loan solutions that put you in control. Contact me with your mortgage questions today, and let’s open doors. In the meantime, watch my quick YouTube video discussing housing inventory levels below.