Whether you are buying a home or selling or if you are an investor, is it important to learn some facts and figures about the current buyers in the market.
Research is showing us that people who bought homes before pandemic are different compared to those buying during the pandemic. Suburban sales have increased since last year, from 50% to 57% and urban sales have increased from 12% to 14%.
Current buyers have had no pandemic related setbacks or financial hardships. They have 2 main motivations for buying, record low mortgage rates, and need for more space because they are working from home.
There is an upward trend of families wanting multigenerational homes with grandparents or grown children all being under one roof, which is likely caused by growing familial ties and emotions due to the difficult year the coronavirus has caused.
There is a bigger trend of people selling and upgrading, there were fewer first-time homebuyers this year compared to previous years, likely due to the younger age and less stable income, but the biggest culprit is a lack of available housing.
Sellers have been making huge profits during the pandemic and will likely continue to do so as the mortgage rates remain low and housing supply tries to catch up with the market.
Many real estate investors turn into real estate developers during their careers, however, right now there may be a bigger urgency for them to start developing properties, since the housing market needs it and they stand to make a big profit.
Right now, buyers need more space, sellers stand to make big profits, and investors can increase their portfolios with rental properties and real estate development.
Amin Vali Real Estate Investment is set to be able to help buyers find the right home, sellers get the best price and investors find the best opportunities.