After months of stay at home orders, states across the country are starting to reopen. And as states reopen and more people resume their lives, it looks like many are also ready to start or resume their home search.
According to a recent CNBC article, mortgage applications to purchase a home for the week ending May 23 were up 6 percent from the previous week—and purchase volume was only down 1.5 percent from the same time last year.
“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks,” said MBA economist Joel Kan in the article. “Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”
So, why are so many buyers entering the market? According to the article, there are a number of factors at play, including near-record low interest rates and lifted restrictions that make it easier to search and purchase a home (like resuming open houses).
So, what does this mean for you? With states reopening, buyers and sellers are feeling confident in getting back into the real estate market—so if you’re thinking about making a move, now would be a good time.