THREE REASONS HOME BUYERS ARE ACTIVELY SEEKING TO BUY

Buyers are out shaking the bushes looking for fantastic deals for new and existing homes.  What are the three top motivating factors driving renewed interest with buyers?

1. LOW MORTGAGE RATES:  It should come as no surprise that low mortgage rates is number one on our list of top three reason for increased buyer interest.  Lower interest rates make it more affordable for first-time buyers to enter the housing market.  A recent Lending Tree survey revealed that 67% of respondents wanted to take advantage of the lower rates.

2. REDUCED SPENDING:  Here is one that might have escaped your attention, but with the stay in place order due to the corona virus, families have noticed a decrease in expenses related to traveling to and from work and other social events creating additional funds for a down payment.

3. RE-EVALUATING SPACE:  The stay-in-place order has given buyers an opportunity to evaluate the available space in their current residence.  Many have discovered that "home sweet home" is just not adequate for their needs and many have developed a real taste for working at home.  The need for extra features in a home - more living space, a home office, etc. is top on buyers wish lists.

The number of available homes currently on the market may not be sufficient to meet the increased need of this new group of buyers.  Sellers may have to consider a different pricing strategy as a fresh stream of buyers enter the market.  

Much to take into consideration as the 2020 summer/spring housing market heats up.