As a result of the pandemic, we’re reevaluating what we need in a home. Here are 4 reasons people are reconsidering where they live and why they’re expecting to buy this year.
- Record-Low Mortgage Interest Rates
In 2020, the avg. rate for a 30-year fixed mortgage hit a record low 16 times, continuing to fall <3%. Many wonder how long these rates will last, creating urgency to buy this year.
- Working from Home
Remote work is a new normal and may be here to stay. For some, working remotely in their current home is challenging, so they may be looking for better options in 2021.
- More Outdoor Space
Being at home is driving those in some areas to seek less densely populated neighborhoods and more usable outdoor space so they have more room to stretch their legs.
- Avoiding Renovations
Many homeowners now would rather buy a new home than go through the process of fixing up the one they have.
Homeownership needs are changing. As a result, people are expected to move in record numbers this year.