The pandemic has caused consumers to re-examine the components that make up the “perfect home.” Many families are no longer comfortable with the locations and layouts of their existing homes.
Ignore The News The Housing Market Is Strong
|Increase in Housing Market Index and Buyer Traffic|
|Housing Starts, which gives us a reading on new construction, were down 4% in the month of July, which was worse than expectations. However, the decline was all in multi-family starts. Single-family starts were actually up 1.3% and are up 2% year over year, which is really what's most important for the housing market.|
|Permits, which are a good forward looking indicator, showed some real strength. They were up 7.2% from June, with single-family permits up 4.3%.|
|Lower rates are clearly helping the buyer traffic component, which is good to see. Any reading above 50 signals expansion, and buyer traffic has been the only one lagging that has been below 50, until now.|
|If you have clients who have been browsing the housing market, now is the time for them to jump in. Contact me and together we can help get them a set of keys to their new home.|
|Information accurate as of the date of publication. This is not a commitment to lend. Programs available only to qualified borrowers. Programs subject to change without notice. Subject to credit approval, underwriting terms and conditions. Some restrictions may apply. |
For real estate professionals only. Not for distribution to consumers.
|Shad Carson |
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A worldwide pandemic and an economic recession have had a tremendous effect on the nation. The uncertainty brought about by both has made predicting consumer behavior nearly impossible. For that