Are People Buying & Selling Homes Post-Pandemic

That's the question on a lot of people's minds lately. The answer is: YES.

The housing market is alive, well, and thriving. In fact, buyers in some

cities are facing bidding wars.

Let's take a look at the current state of the national housing market.

BUYING

A good gauge of the number of homebuyers in the market is the number

of mortgage applications submitted.

The volume is up 9% over this time last year, according to the Mortgage

Bankers Association. This, by the way, is the sixth consecutive week of an

increase in mortgage applications.

Much of this is, no doubt, spurred by the all-time low mortgage rates.

SELLING

Most people I speak with are surprised to learn that home values haven't

tanked during the pandemic. In fact, values were up 4.4% early in the

pandemic (March), and we continue to see increases.

As restrictions ease, home showings are vastly easier. There are still

precautions in place, but a Realtor.com survey shows that nearly 60% of

home sellers say they would have no problem holding an open house.

It sounds odd, but if you are planning on buying or selling a home, this is

truly the ideal time. Interest rates are at historic lows, allowing you to buy

more home for the money.

For sellers, the timing is perfect. There is still an inventory shortage, so

those who put their homes (in good condition) on the market end up

selling quickly and for top dollar.