Previously owned home sales rose 24.7% between June and July and contributed to the highest sales volume since 2006.
But is now the right time to buy?
Here are some factors to consider when making the decision whether or not to buy now.
Record Low Interest Rates
From an interest rate point of view, now is a perfect time to buy a home. While rates are currently at record lows, there is no guarantee that they will stay this low and will eventually begin to rise back up. This will likely happen once a vaccine or treatment a discovered for Covid-19.
Low Housing Inventory
Interest rates are low, but so is inventory making it a challenging time for home buyers. Buyers will likely have to choose between finding their dream home or locking in a low rate and settling for whatever’s on the market.
Bidding Wars
Low inventory plus lots of eager buyers equal bidding wars across the country. The median list price is up over 10% year over year, buyers are paying asking price or higher, and homes are moving at a record pace.
Location and Lifestyle
Be sure to take into account the current market conditions in the specific area where you want to live and the lifestyle that you are after.