Buyers Are Getting In As Affordability Increases
This summer season seems to be heating up more than usual. No, we are not referring to the temperatures. Instead, we are talking about home buying activity. The number of Americans buying homes always spikes in the summer as families are anxious to get into their new houses before the next school year starts, but this year interest in buying is notably higher than usual.
In fact, realtor.com® reports that traffic and searches on their sit are hitting all-time highs, as visits are up 50 percent and searches are up 30 percent year-over-year. More good news comes as the inventory of homes for sale is growing. This is especially positive, as economists have been concerned over a diminished inventory that could be compounded by increased sales over the summer. While inventories are still relatively tight in most markets, they increased 4 percent in May.
What is driving this boost in buyer interest? Affordability. Because interest rates are still at post-Recession historical lows (4.03 percent on average in the first quarter of 2015), housing is affordable for many American families. According to the National Association of Home Builders/Wells Fargo Housing Opportunities Index, two-thirds of all homes sold between January and March 31st were affordable to families who are earning the national median income of $65,800. With new mortgage programs that are making it possible to get financed with as little as three percent down, this summer promises to be a hot time for home buying.
Are you hoping to join the many other Americans who are capitalizing on the great opportunities to buy a house right now? So that you can focus on getting into the right home, let the experts handle all of your California escrow needs. Contact Brighton Escrow in Hermosa Beach to ensure that every step of your closing process goes smoothly.