Although it may not seem like it, this is the perfect time to be purchasing a home. If you were considering buying a home this summer, you may need to act fast. A report from Zillow found that homes are selling at the quickest pace in the past two years.
During the second week of June, homes in the United States remained on the market for an average of 22 days. The average listing has not sold that fast since June 2018. It is thought that this fast pace is due to the low inventory of homes for sale.
The beginning of 2020 home sales started off strong. Homes were being sold at an average of 5 quicker at the end of March than they had been the previous year. Once the coronavirus pandemic forced stay at home orders and business closures, home sales began to come to a halt.
As states are beginning to lift restrictions, we are seeing that home buyers are ready to get back out there. People are feeling more confident in financial decisions now with many people going back to work and there being less uncertainty than the last few months. With everyone being at home for the last few months, people are deciding that they need more space a lot sooner than they may have realized otherwise.
Realtors are adjusting to the new norm with pandemic guidelines by doing virtual home tours instead of open houses or in person showings.
While most places are seeing an increase in buying, it is important to note that some areas that were more strongly affected by the COVID-19 outbreak are recovering a little bit more slowly. These are places such as New York City and the Miami metro areas.