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What we know about Home Buying Trends so far
With no sign of slowing down, 2021 is shaping up to be another great year for real estate.
Here is what we know about home buying trends thus far:
1# Sales are still skyrocketing - The pace at which homes are selling remains high. Although in may pull back a little, Zillow still projects existing home sales may reach 6.9 million sold (+21.9%). In the long-run, this could mean the highest annual sale volume in nearly two decades. Currently, this pace has meant nearly half (42%) of homes have sold in two weeks or less.
2# Budgets likely to continue changing – It's no secret the on-going pandemic has cause some financial strain. Thus far, nearly two-thirds of buyers have lowered their budget by an average $28,400. The good news is, rates are still remarkably low. This means buyers can still buy more home for less.
3# Going back to the 'burbs - A number of factors triggered a renewed interest in suburban living. For starters, the pandemic has caused many to desire less-populated areas. With the rise in remote work and education, this added flexibility has allowed people to feel untethered to areas with high taxes and cost of living. As well, for many, the suburbs may have more of what people are looking for. This includes a dedicated office/learning space, an outdoor living space and more.
No matter what your reason is for buying a house right now, I can help you make the most of your situation
Do Hoang Realtor #01319281