It might come as an amazement to many, yet indeed, in the hours of Coronavirus instigated financial droop, the real estate market is booming.It may come as an astonishment to many, however indeed, in the hours of Coronavirus prompted monetary droop, the real estate market is blasting.
Termed as the “The Great American Housing Boom”, real estate sector in the States have posted impressive records on the charts since January of 2020. Contributing to this boom are several factors, one being consumers viewing housing not just as a “home” but an investment opportunity. Only a few assets see their value increase over time, real estate fast becoming the favourite pick in recent times, outperforming any other investment class in over 25 years.
Raise in Average Home Sale Prices
According to the National Association of Realtors (NAR), average home sale prices have seen a jump of 6% with new home sales surging over 55%, breaking 2005’s sales figures.
Another trend witnessed is people scrambling to get their loans restructured, the figures are shocking, a 111% rise in mortgage refinancing.
The Bidding War
Fast becoming the trend in America’s housing market is the online auction of houses. First-time buyers are flabbergasted with the price war, offers keep climbing. Listing price and selling prices see a significant difference.
Competition here is getting the best of customers.
Millennial Homebuyers
The world is seeing a new rush of millennial homebuyers in the housing market. According to NAR, in 2019, 40% of the homebuyers were millennials, and recent data from Realtor.com suggest millennials’ share of mortgages surpassed 50% in the summertime.
If trends are to be believed Indian markets will surely pick up on the same lines, seeing a surge as lockdown restrictions ease out and trade pickups. Good days are ahead.
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