In the midst of a pandemic an unexpected surprise happened in the real estate market, more homes were selling and continually looking to keep selling at higher rates than last year.
According to the Showing Time Showing index: “Home buyer traffic jumped again in July, recording a 60.7% year-over-year increase in nationwide showing activity. With a 60% rise in buyers setting appointments this much higher than what homebuyers were doing in 2019. This was not suppressed to a specific region. Every region in the country was up from 46.1% to 76.6%.
recovery has been known as a “V” recovery. Starting mid-February and continuing through the beginning of April buyer traffic plummeted as the pandemic hit the U.S. Then we saw an intense rise after shelter in place orders started to be lifted, with the Northeast market leading in numbers.
So, what does this information mean for you as a homebuyer? This has been a great time for homebuyers to qualify for low rates and buy homes at favorable prices/terms.