{"id":865,"date":"2020-06-16T20:42:17","date_gmt":"2020-06-16T20:42:17","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=865"},"modified":"2020-06-16T20:42:17","modified_gmt":"2020-06-16T20:42:17","slug":"three-reasons-homebuyers-ready-purchase-year","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/three-reasons-homebuyers-ready-purchase-year\/","title":{"rendered":"Three Reasons Homebuyers Are Ready to Purchase This Year"},"content":{"rendered":"
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Three Reasons Homebuyers Are Ready to Purchase This Year<\/p><\/div>\n

A recent\u00a0survey<\/a>\u00a0by\u00a0Lending Tree<\/em>\u00a0tapped into behaviors of over 1,000 prospective buyers. The results indicated\u00a053% of all homebuyers are more likely to buy a home in the next year,\u00a0<\/strong>even amid the current health crisis. The survey further revealed why, naming several reasons buyers are more likely to move this year\u00a0(see graph below):<\/em><\/p>\n

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Reasons Many Buyers Are More Likely to Purchase a Home in the Next Year<\/p><\/div>\n

Let\u2019s break down why these are a few of the key factors motivating buyers to actively engage in the home search process, and the corresponding wins for sellers as well.<\/p>\n

1. Low Mortgage Rates<\/strong><\/p>\n

The biggest reason potential homebuyers indicated they\u2019re eager to purchase this year is due to current\u00a0mortgage rates<\/a>, which are hovering near all-time lows. Today\u2019s low rates are making it more affordable than ever to buy a home, which is a huge incentive for purchasers. In fact, 67% of respondents in the\u00a0Lending Tree<\/em>\u00a0survey want to take advantage of low mortgage rates. This is no surprise when comparing historic mortgage rates by decade\u00a0(see below):<\/em><\/p>\n

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Historic Mortgage Rates by Decade<\/p><\/div>\n

Sam Khater,\u00a0Chief Economist<\/em>\u00a0at\u00a0Freddie Mac<\/em>\u00a0recently<\/a>\u00a0said:<\/p>\n

\u201cAs the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market. Low mortgage rates are a key factor in this recovery.\u201d<\/em><\/p><\/blockquote>\n

2. Reduced Spending<\/strong><\/p>\n

Some people have also been able to save a little extra money over the past few months while sheltering in place. One of the upsides of staying home recently is that many have been able to work remotely and minimize extra spending on things like commuting expenses, social events, and more. For those who fall into this category, they may have a bit more saved up for down payments and\u00a0closing costs<\/a>, making purchasing a home more feasible today.<\/p>\n

3. Re-Evaluating Their Space<\/strong><\/p>\n

Spending time at home has also given buyers a chance to really evaluate their living space, whether renting or as a current homeowner. With time available to craft a wish list of what they really need in their next home, from more square footage to a\u00a0more spacious<\/a>\u00a0neighborhood, they\u2019re ready to make it happen.<\/p>\n

What does this mean for buyers and sellers?<\/strong><\/h4>\n

With these three factors in play, the demand for housing will keep growing this year, especially over the\u00a0summer<\/a>\u00a0as more communities continue their phased approach to reopening. Buyers can take advantage of additional savings and low mortgage rates. And if you\u2019re thinking of selling, know that your home may be in high demand as buyer interest grows and the number of\u00a0homes for sale<\/a>\u00a0continues to dwindle. This may be your moment to list your house and make a move into a new space as well.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you\u2019re ready to buy or sell \u2013 or maybe both \u2013 let\u2019s connect to put your plans in motion. With low mortgage rates leading the way, it\u2019s a great time to take advantage of your position in today\u2019s market.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

A recent\u00a0survey\u00a0by\u00a0Lending Tree\u00a0tapped into behaviors of over 1,000 prospective buyers. The results indicated\u00a053% of all homebuyers are more likely to buy a home in the next year,\u00a0even amid the current health crisis. The survey further revealed why, naming several reasons buyers are more likely to move this year\u00a0(see graph below): Let\u2019s break down why these… Finish Reading Three Reasons Homebuyers Are Ready to Purchase This Year<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36],"tags":[38,15,10,27,91,57,86,52,9,49,42,40,63,20,12,48,47,19,6],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/865"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=865"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/865\/revisions"}],"predecessor-version":[{"id":869,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/865\/revisions\/869"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}