{"id":295,"date":"2020-11-26T12:39:10","date_gmt":"2020-11-26T12:39:10","guid":{"rendered":"http:\/\/staging.jillteam.com\/blog\/?p=295"},"modified":"2025-05-19T07:31:32","modified_gmt":"2025-05-19T07:31:32","slug":"how-come-the-housing-market-is-faring-well-even-in-the-pandemic","status":"publish","type":"post","link":"https:\/\/staging.jillteam.com\/blog\/how-come-the-housing-market-is-faring-well-even-in-the-pandemic\/","title":{"rendered":"How come the housing market is faring well even in the pandemic?"},"content":{"rendered":"

The high demand of houses among the homebuyers can be attributed to the shift towards remote-work (work from home) and low mortgage rates.<\/p>\n

Even a lethal pandemic like COVID-19 has not deterred homebuyers, the primary reason is record-low mortgage rates and the secondary reason is a demand for larger homes with offices for remote workers. A bigger home can provide a protective shelter during health crisis, a make shift office and a make shift school for virtual classes for kids.<\/p>\n

In the mid-March this year, the Federal Reserve made an announcement of buying mortgage bonds and Treasuries for enabling the flow of credit during the pandemic. This lead to the tumbling of mortgage rates, similar to a fixed-asset program the Federal Reserve created during the recession 12 years ago.<\/p>\n

In March 2020 when Federal Reserve had made the announcement of buying the bonds, a 30-year fixed mortgage rate averaged 3.65%, but the rate has dropped below 3% since late July.<\/p>\n

According to NAR data, there was a sudden rise of existing-home sales to 25% in July this year, the record highest monthly increase and the biggest sales level achieved ever since 2006. The previous record for a monthly increase in sales was 21% rise, observed in the month of June this year.<\/p>\n

This year\u2019s July saw the lowest supply of homes in the real estate market ever since NAR has been tracking the data for about half a century.<\/p>\n

The pandemic dulled the spring buying season this year, but the high demand and low supply of homes for sales raises the hopes for remainder of this year<\/p>\n","protected":false},"excerpt":{"rendered":"

The high demand of houses among the homebuyers can be attributed to the shift towards remote-work (work from home) and low mortgage rates. Even a lethal pandemic like COVID-19 has not deterred homebuyers, the primary reason is record-low mortgage rates and the secondary reason is a demand for larger homes with offices for remote workers. 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