Dayton Idea Book February 2021

Your team for real estate
RANKED #8 NATIONALLY BY COLDWELL BANKER
Ranked #1 Locally by Coldwell Banker Heritage Realtors
4 Reasons People are Buying Homes in 2021
1. Record-Low Mortgage Interest Rates
In 2020, interest rates hit record lows 16 times, continuing to fall further
below 3%. According to Freddie Mac, the average 30-year fixed interest
rate today is 2.65%. Len Keifer, Deputy Chief Economist for Freddie Mac,
advises:
“If you’ve found a home that fits your needs at a price you can afford, it
might be better to act now rather than wait for future rate declines that
may never come and a future that likely holds very tight inventory.”
2. Working from Home
Remote work is a new normal for many businesses. Many are discovering
they don’t need to live close to the office anymore and they
can get more for their money by moving a little further outside of the
city limits. David Mele, President at Homes.com, says:
“The surge in the work-from-home population has rewritten the playbook
for many homebuying and rental decisions, from when and where
to relocate, to what people are looking for in their next residence.”
3. More Outdoor Space
Another new priority for homeowners is having more usable outdoor
space. According to the State of Home Spending report by HomeAdvisor,
of the households surveyed, almost half reported spending 27% more on
outdoor living over the past year.
This is a trend that’s expected to grow in 2021 and beyond.
4. Avoiding Renovations
Many homeowners would rather buy a new home than go through
the process of renovating. According to the National Association of
Realtors (NAR), 44% of homebuyers purchased a new home to “avoid
renovations or problems with the plumbing or electricity.”
Depending on what needs to be addressed, today’s high buyer demand
may make it possible to skip some renovations before selling.
Many of these homeowners have prioritized buying over renovating
for convenience and potential cost savings.
Bottom Line
It’s clear that homeownership needs are changing and more Americans are expected to move in record numbers this year.
If you’re trying to decide if now is the right time to buy a home, let’s connect today to discuss your options.
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