MA homebuying boom
The post-lockdown home buying boom isn’t slowing down. The National Association of Realtors listing site reports homes sold faster in October than September for the first time in 9 years as low interest rates drove pent-up buyer demand.
Forbes magazine reports housing is in a “full-fledged boom.” Last quarter saw $1.1 trillion in mortgages issued, the most in 14 years, while in September, the number of people buying new homes hit a 14-year high!
“A big part of what’s driving home sales right now — everyone is
home and people want more space”
Low mortgage Rates and new work norms
There’s a gold rush in real estate across the U.S., driven by record-low mortgage rates and the dawning realization that for many of us, our homes are going to be the only place we work and play for the foreseeable future.
What buyers are looking for: Fresh air, backyards, home offices (for two adults), a homeschooling area, space for pets, home gyms — plus proximity to beaches, lakes, parks and bike paths.
The exodus to the burbs and more rural areas will have a profound affect on urban living as the affect will be felt both in the residential and commercial office space market.
More to come.
