Although this has been a chaotic year, the housing market is providing tangible support and leading the way in the economic turnaround. American’s are hopeful as they look towards the future and are currently gaining more confidence in the economy, with the unemployment rate even dropping to 7.9%. According to the Home Purchase Sentiment Index, more respondents say they are not as concerned with losing their jobs. With the economy recovering from this year’s health crisis, the housing market is an essential driving force in this process.
According to the National Association of Realtors (NAR), the real estate industry provided $3.7 billion dollars of economic impact to the country last year.
The housing market is thriving and continues to surpass expectations this year. Home’s are now appreciating at an above average speed with an undersupply of houses on the market. There is currently a housing supply shortage which is resulting in bidding wars amongst potential buyers that is pushing prices even higher. The demand for homes is also increasing with buyers looking to take advantage of low mortgage rates. With such success in the real estate industry, now is the right time to consider buying or selling a home.
With the supply of homes low and with little risk of foreclosures, demand for home buyers has skyrocketed. Home showings have also increased steadily during this time. With such an influx of buyers, sellers are sitting in the driver’s seat and are now positioning themselves to win big. Higher selling prices and faster sales are allowing sellers to negotiate terms that work better for them. The strengthening housing market is giving sellers the opportunity to pick the best offer available to them.
With the real estate industry showing unprecedented strength throughout the rest of the year, it is fueling the growing economy. Demand won’t last forever, now is the time to make your move! Contact a local real estate agent today to learn more about potential opportunities. Seven Gables will help to guide your journey through the home buying experience.