We’re living through an unprecedented pandemic, but 2020 has also been one of the strongest years for real estate in recent memory, with unparalleled demand from buyers.
Why is this? You’d think the opposite would happen during a worldwide health crisis, but that hasn’t been the case, and there are a few reasons why.
First, the pandemic has made people realize that their home is their oasis — their escape from everything that’s happening right now. They’ve also realized the importance of features like separate home offices. We want and need spaces like finished basements and extended outdoor living areas. Of course, people need more space for their kids too. This happens to be the reason contractors are so busy as well.
Lastly, interest rates are playing a big part in this trend. When you can get a conventional, 30-year fixed-rate for around 3%, you can buy a house with the features you want for the same as what you pay for your current mortgage—if not less!
If there’s a silver lining to this pandemic, it’s that it has made people appreciate homeownership even more. People take more pride in their homes than ever before and know it’s a great investment.
If you’ve had this realization lately and want to take advantage of our market, give the Amy Wengerd Group a call. We can take you through every step of the home buying process and make sure you find your oasis.