Why Many Are Likely To Purchase A Home This Year

Earlier this year, Lending Tree, a popular online loan marketplace, conducted a survey to help them better understand how the recent COVID-19 outbreak has impacted homebuyer behavior. LendingTree surveyed more than 1,000 prospective buyers about their plans to jump into the housing market — or not.

First-time homebuyers especially, reported that they are planning on purchasing a home in the next 12 months primarily to take advantage of low-interest rates.  Rates this low don’t come along very often, and there is no guarantee as to how long these low rates will last, which provides a huge incentive to buyers.  

A side effect of sheltering in place has been reduced spending on travel and entertainment.  Many have eliminated the cost of the daily commute because they are now able to work from home.  The result has been more money saved for closing costs or a down payment, making the idea of purchasing a home more feasible.

The uncertainty surrounding the pandemic has lowered home prices in some areas, prompting an increase in buyers.   In the Treasure Valley, however, reported home sales are still white-hot, with new listing vanishing fast.  According to some local reports, the housing market in Boise is stronger than ever.  

Another consideration that created the desire to purchase a home can is the result of being cramped up in a small space during the quarantine.  This extra time at home caused some to re-evaluate their living spaces and create a wish list of what they really want and need in their next home.

If you fall into any of these categories or are thinking about building a custom home for other reasons, give Riteway Builders a call or contact us online.  We will work together with you to build a custom home that perfectly suits your own wants, needs, and lifestyle, no matter how big or small.  

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