While the number of Americans buying homes is increasing as the coronavirus spreads across the country, now may not be the best time to sign a mortgage contract, according to Realtor.com.
Contrary to the myth that it’s a “terrible time to sell a home,” the seller’s market is hot, putting some buyers at a disadvantage, the real-estate website reported.
“Buyers outnumber sellers in the housing market, which means it’s better to be a seller than a buyer,” Danielle Hale, chief economist at Realtor.com, said in a statement.
Consequently, housing prices are rising in most major U.S. metropolitan hubs as Americans adjust to working from home to avoid coronavirus infection. A number have opted to give up tiny downtown dwellings for larger living spaces and yards in the suburbs.
In the second quarter of 2020, a whopping 96 percent of metro areas showed home price appreciation, and 15 cities reported double-digit growth, according to data from the National Association of Realtors.
The national median home price increased to $291,300 as inventory levels shrank and mortgage rates remained low.
“Multiple offers could be fairly common over the next few months,” Lawrence Yun, the association’s chief economist, said in a statement.