Videshi Housing Markets Booming

By Author: Beegru Realty
Total Articles: 5
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It may come as a surprise to many, but yes, in the times of COVID induced economic slump, the housing market is booming.
Termed as the “The Great American Housing Boom”, real estate sector in the States have posted impressive records on the charts since January of 2020. Contributing to this boom are several factors, one being consumers viewing housing not just as a “home” but an investment opportunity. Only a few assets see their value increase over time, real estate fast becoming the favourite pick in recent times, outperforming any other investment class in over 25 years.
Raise in Average Home Sale Prices
According to the National Association of Realtors (NAR), average home sale prices have seen a jump of 6% with new home sales surging over 55%, breaking 2005’s sales figures.
Another trend witnessed is people scrambling to get their loans restructured, the figures are shocking, a 111% rise in mortgage refinancing.
• Mortgage brokers are already posting record-breaking numbers on the lending charts with four months still left in 2020.
The Bidding War
Fast becoming the trend ...
... in America’s housing market is the online auction of houses. First-time buyers are flabbergasted with the price war, offers keep climbing. Listing price and selling prices see a significant difference.
Competition here is getting the best of customers.
Millennial Homebuyers
The world is seeing a new rush of millennial homebuyers in the housing market. According to NAR, in 2019, 40% of the homebuyers were millennials, and recent data from Realtor.com suggest millennials’ share of mortgages surpassed 50% in the summertime.
If trends are to be believed Indian markets will surely pick up on the same lines, seeing a surge as lockdown restrictions ease out and trade pickups. Good days are ahead.
SOURCES :
• McBride, S. (2020, July 30). The Great American Housing Boom Has Begun. Retrieved August 03, 2020, from Link