Did you know that the median value of houses in some places actually rose 7% in May 2020 despite the COVID-19 crisis?
It may seem surprising that the value of a commodity could rise in the middle of a pandemic.
This shows that there is not only bad news in the financial world at the current time. In fact, many are forecasting grown and expansion in the housing market in upcoming months.
Would you like to get accurate housing news in a time when many are making dire predictions? Simply follow our article and find out.
Real Estate Technology
The immediate upturn in the housing market can be traced in part back to real-estate agencies adopting the latest technology. Real estate agents are making use of advances such as virtual open house technology.
This technology allows people to visit properties virtually without putting themselves or others at risk of infection.
Housing: An Essential Commodity
The rising housing market has also been supported by the fact that housing is an essential commodity. There will always be a market for housing as people will always need to provide accommodation for their loved ones.
An unexpected side effect of the COVID-19 crises has been the number of people relocating from cities, including New York. Their purchase of houses outside of urban areas has also supported the housing upturn.
Applications for Loans
At the beginning of June 2020 applications for house-purchases rose 15% over a one week period. When factoring world conditions this is very encouraging.
It is further encouraging to note that this jump continued a steak of weeks in which applications rose.
This consumer behavior will do much to console banks and other lending establishments. They are seeing that the market is far more active than initially expected.
Experts are observing confidence in all aspects of the market. Many sellers are coming back to the market much sooner than expected. Their pricing indicates a greater belief that the market can quickly from losses related to the COVID-19 crisis.
A further reason for confidence seems to be that the housing market is in general less affected by world markets. Trade agreements, world politics, and international relationships are in a state of flux currently.
However, consumers see that the housing market is far more under the control of the American economy, and thus the people, than other markets. For this reason, people, in general, are expressing greater confidence in general that the housing market will pick up quickly.
The Latest Housing News and Much More
The spread of COVID-19 has been unprecedented. We will feel its financial repercussions for some time to come. However, according to the latest housing news, there are still people buying and selling houses.
Thanks to technological advances, people can still visit properties without risking their health.
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