Everything you need to know about buying a home – Fall 2020

Dated: October 12 2020

Views: 118

Ready for the Cary, North Carolina fall home buying season?

The beginning of  2020 hit us with an unprecedented pandemic. While some businesses and industries across the globe suffered a severe hit, others continued to flourish. One such advancing sector is the real estate market. The fall 2020 market is anticipated to elevate home buying activity further. More and more people, especially first-time homebuyers, are looking forward to cementing their homeownership goals this Fall.
Here’s what you should know:

 

Delayed real estate deals piled up

The COVID19 pandemic had us all strictly grounded. People throughout the country were home-bound in the first half of 2020. When the fear of the pandemic crawled upon us, we took the initiatives of limiting our outdoor activities to only the necessities and reduced our social interactions. Resultantly, people who were planning to nail down their home purchase in 2020 have decided to wait until the pandemic situation stabilized. These people are now looking forward to lock-in their home-buying deals this Fall.   

 

Mortgage rates at an all-time low

Another positive indicator of the fall homebuying market can be deduced from lower mortgage rates. The mortgage rates typically mirror that of the Fed rates, which have declined since the turn of the COVID pandemic. As a result, the current mortgage rates are under 3%, which means buyers can obtain mortgage loans at a very attractive rate.

 

New construction

The share of newly constructed homes remains constant throughout the year, but this fall we are expected to see increased production. New constructions were halted in spring 2020, but they’re back this Fall as investors try to make up for the lost time. It means even more newly constructed homes rolling out with great opportunities for potential buyers.

 

Buyers compete

Lack of listings means higher demand. Buyers often will have to bid higher than the listed price to get the house they like. According to a survey, recent months saw many homes under contract after only one day on the market. This is great for sellers and poses a worrisome trend for new buyers who often have to engage in multiple offer situations.

 

Are you looking to buy or sell? Let’s connect and discuss your real estate needs!

Blog author image

Justin Hemker

Justin Hemker is a Triangle Area Real Estate sales and marketing expert. You will have a hard time finding a Realtor who truly cares for and works harder for his clients, has more passion for his job,....

Latest Blog Posts

What Makes A Home High End?

Regardless of whether you’re currently in the market for a new house, browsing luxury homes for sale can capture your attention for hours on end. These high-end properties possess stunning

Read More

Tips for Selling a Luxury Home – What is the Fastest way to Sell an Expensive House?

Tips for Selling a Luxury Home – What is the Fastest way to Sell an Expensive House?Tips for Selling a Luxury Home – What is the Fastest way to Sell an Expensive House?Selling a luxury

Read More

True Or False: The Highest Offer Always Gets The House?

When it comes to buying a house, the highest offer always gets the house — right?Surprise! The answer is often “no.” Conventional wisdom might suggest that during negotiations,

Read More

How To Flip Houses For Beginners – Things You Need To Know

How To Flip Houses For Beginners – Things You Need to Know If Looking To Flip Homes In Cary, NCHow to Flip Houses for Beginners – Everything you Need to KnowFlipping houses can make you

Read More