Just like summer’s soaring temperatures, new home sales are really hot right now, with no cooling off insight. The experts at realestateconsulting.com revealed that June’s new home sales far surpassed those occurring during June of last year by more than half (55%).
As for who exactly is making these home purchases, after analyzing statistics and data, experts found a trio of telling traits and criteria that kept coming up across the board.
An analysis of the data shows that new home construction is among the few bright spots in America’s economy right now. Even amid the fallout from the pandemic that has been wreaking havoc on all sides, the housing industry seems poised to lead the nation forward in recovery.
Experts attribute this resilience and uptick in new home sales much to the availability of all-time low mortgage rates for hopeful buyers. There is also the undeniable fact that the increased stay-at-home orders issued by the government have made many Americans begin to rethink and value their homes and living environments much more.
First, the new American home buyer is seeking to purchase a new home in a suburban area. Experts attribute this desire to two main factors, which include that people are beginning to feel cooped up and are now wanting more space, as well as the rising trend of younger adults moving back in with their parents amid the pandemic’s increasing economic pressures.
Second among the trio of trends is that new home buyers mean business! These buyers are highly informed and pro-active, with many real estate agents revealing that these hopeful homeowners are coming prepared and ready to purchase.
Like the second trait, today’s new home buyers are reportedly not willing to wait, and by this, we mean one single second. This buyer impatience can be clearly seen by the fierce bidding wars and fast-moving sales occurring these days.
This is all great news for the industry, as soaring sales create more opportunities. Still, experts warn against being overly optimistic as well, as ever-rising COVID case numbers and continued economic uncertainty is still very much on center stage.