Is the housing market finally showing signs of slowing down? Something unexpected happened last year. Even as the economy was down, the unemployment rate up – the housing market went on a historic run. Since the onset of the pandemic, the median home price in the U.S. has increased by 24% according to the statistics! Join me today to hear the four things to know about the housing market shifts.
Hi Money Bosses! Today I wanted to chat with you about the four things to know about the housing market shifts. These market shifts that I have noticed could help you make a decision about whether you are ready to embark on the journey of trying to buy or sell your home.
Last year, even during the pandemic, the housing market increased. There was a high demand for homes last year. The average median home price is up by 24% since before the pandemic!
The four shifts that I have noticed are:
- More homes are going on the market.
- Last year, even during the pandemic, the housing market increased. There was a high demand for homes last year.
- Homeowners have been waiting to see what was happening with COVID and a lot of people were waiting to sell their homes during COVID.
- The difference between where the housing inventory was in April 2020 and April 2021 increased by 23%!
- Buyers are pushing back at home prices.
- Although a lot of people saw this as a good time to buy a home or buy a bigger home, a lot of people saw giant price increases and thought “Why are we going to pay this amount?”
- Mortgage interest rates remain low.
- Interest rates were very low and are still low.
- Foreclosure memorandum is coming to an end.
- This forebearance on foreclosures allowed homeowners to defer payments for those who lost their jobs during the pandemic or who couldn’t make payments. This will be ending in a few short weeks (September 30).
There is a lot to think about with those who are wanting to buy or sell during this time. It is currently known as a seller’s market but if you sell you need to be ready to buy and keep in mind these four things that I have shared today.