Industry News Mortgage

Buyers reemerge with more purchasing power

Photo by Alexander Schimmeck on Unsplash

REALTOR Magazine

Despite high unemployment numbers, nearly two-thirds of buyers recently surveyed say they’ve been able to save more money for their down payment due to the shelter-in-place orders this spring. Combined with low interest rates (the 30-year fixed-rate mortgage averaged 2.98% last week), more house hunters say they’re stretching their budgets and searching for larger homes in pricier neighborhoods this summer, according to a new survey from realtor.com®, reflecting responses from 2,000 consumers who plan to purchase a home in the next 12 months.

Thirty-eight percent of home buyers recently surveyed say they have increased their target price range since starting their home search. Further, 41%of buyers say they are looking to buy sooner because of the COVID-19 pandemic.

Find the rest of the story online here: Buyers Reemerge With More Purchasing Power

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