The official start of spring is right around the corner, and with warmer temperatures comes the ideal time of year to start shopping for a new home! However, the coronavirus pandemic that began one year ago is still going on, and that’s going to have a significant impact on how this year’s home buying season goes.
According to an article from NerdWallet, alongside increasing home prices and not a lot of inventory, homebuyers will likely still be using digital tools during the searching and buying processes. These include e-closings and virtual home tours. There will also be open houses for those who want to see a home in-person, but they will be much smaller to make sure visitors can socially distance.
Sentiments among consumers going into the market have also changed. A recent report from CUToday on the highlights from Fannie Mae’s Home Purchase Sentiment Index showed that respondents who said that it was a good time to buy a home decreased from 52% to 48%, while the percentage who said it was a bad time to buy increased from 37% to 43%.
What’s clear going into this year’s home buying season is that we have a seller’s market, and your credit union can be prepared to bring in any mortgage leads this year with help from the Loan Lead Generator! Click here to learn more and schedule a demo today!