3 Reasons Homebuyers Are Ready to Purchase This Year:
Let’s 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.
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1. Low Mortgage Rates
The biggest reason potential homebuyers indicated they’re eager to purchase this year is due to current mortgage rates, which are hovering near all-time lows, low 3%, high 2%'s! Today’s 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 Lending Tree survey want to take advantage of low mortgage rates. This is no surprise when comparing historic mortgage rates by decade.
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2. Reduced Spending
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 closing costs, making purchasing a home more feasible today.
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3. Re-Evaluating Their Space
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 more spacious neighborhood, they’re ready to make it happen.
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If you’re ready to buy or sell – or maybe both – reach out to us at 480-788-4118 or DM us to put your plans in motion. With low mortgage rates leading the way, it’s a great time to take advantage of your position in today’s market.
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Awni and Chantell Abbas
"AWNTEL"
Realtors specializing in Real
Estate Investing
Sell • Buy • Invest • Multi-Units
480-788-4118
