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Low Mortgage Rate Convert Prospective Buyers into Active Buyers
An NAHB survey found that a tenth of Americans considers a future home purchase in the next year 🏡 – and half of them are actively looking NOW.
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Of the 11% of American adults considering a future home purchase in the second quarter of 2020, about half (49%) are not merely planning it, they are actively engaged in the process to find a home. That is a significantly higher share than the comparable figure a year ago (41%), which suggests that the COVID-19 crisis and its accompanying record-low mortgage rates have converted some prospective buyers into active buyers.
Of Millennials planning a home purchase in the next year, 57% are already actively searching for a home.
Among Boomers, that share is only 37%.
Prospective buyers in the Northeast are most likely to be actively engaged in the purchase process (57%), compared to 44% in the Midwest, 45% in the West, and 50% in the South.
The timing of the data collection for this report (June 16-28) is essential, as results need to be interpreted in the broader context of the US economy and the trajectory of new case counts at the time. In June, the labor market showed signs of recovery, gaining 4.8 million jobs and a lower unemployment rate. The 30-year fixed mortgage rate continued to fall, reaching 3.13% by the last week of the month. The number of COVID cases nationally were stable through the first half of the month, only beginning their ascent around June 15. For these reasons, we assess that responses in this quarter’s report reflected a period when workers returned to their jobs; mortgage rates looked increasingly attractive. The pace of new cases had only recently started to regain speed.
....read more at NAHB (National Association of Home Builders)