Pandemic House Hunting: 3 Things To Know

We’ve all heard it - the new normal. By now, the pandemic has affected everything around you, including the real estate market.

There are many new things to consider now, so we've listed below three important points to be aware of during this time...

Here are three things you should know if you're thinking of buying:

1. There is an acute shortage of home "supply." Consider this - at the current pace, it would take only 2.7 months to run out of new homes for sale (there are 20% fewer homes for sale than this time last year).

2. On the other hand, mortgage rates continue to hover at record lows. Unsurprisingly, mortgage applications were up by 3.8% from last week.

3. Low supply + more demand = High prices. It’s basic economics. This year has seen crazy growth in home prices. In fact, the biggest two-month appreciation in home prices in the last 30 years, happened in 2020.

Pandemic House Hunting: 3 Things To Know

The conclusion?

It's hard to ignore such amazing mortgage rates, so why not browse? Just go into the buying process with your eyes open and know that there will be a good amount of competition for the limited supply of homes.

This article initially appeared in ZeroDown's Insider Report - your daily home-addiction companion. Our 3x per week newsletter breaks down the walls of home search, so that everyone can access insider knowledge that only realtors and investors have. Subscribe here!

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