A growing number of Americans are considering fleeing cities for the suburbs, to put more distance between themselves and their neighbors. Video home tours, a trend that was already increasing, may become routine.
Now, applications to buy a home are again on the rise as states lift orders to stay inside. But the pandemic has altered how residential property is bought and sold, changes that aren't likely to disappear any time soon and that could reshape the American dream long after the current crisis has passed.
But millennials remain eager to buy a place of their own, experts say. And with interest rates hovering at 3.41%, a near record low, a housing rebound could start as soon as this summer."You still have a lot of households at the point where they're interested in home buying,'' says Mike Fratantoni, chief economist for the MBA."As some states have begun to reopen, we’ve seen a rapid pickup and ... very strong growth in purchase applications.
But “sales will be higher by 15% to 20% in 2021 because more listings will steadily appear as the state economies steadily reopen,'' says Lawrence Yun, NAR’s chief economist,A growing number of those sales might be in less crowded communities. Data from the Harris Poll found that almost a third of Americans are thinking about moving to less densely populated areas. And 43% of city dwellers had recently checked a real estate site for a house or apartment to rent or buy as compared to 26% of those in the suburbs, and 21% of those in rural areas.
That's a steep climb for many buyers who typically put down between 3% to 5% on their first home, says Odeta Kushi, deputy chief economist at First American Financial Corporation.“Low mortgage rates will bump up demand and make housing more affordable,” says Kushi. “The bigger issue is economic uncertainty. Many people feel insecure about their job stability.”Those who are able to buy a home may find that much, if not all, of the process has gone virtual.
Van Fletcher, a broker/realtor with Allen Tate Realtors in Raleigh, North Carolina, was able to continue taking his clients, Liz Stokley and Ryan Stephens, on virtual tours, even as the couple stayed put in Baltimore.
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