There’s been a noticeable shift in home sales, and we jotted down some reasons why.
The idea of buying a property without seeing it is unthinkable for many consumers. Real estate represents a substantial investment for consumers. Once bought, they must live there. Wouldn’t it be the last thing anyone wants to spend money on before seeing it for themselves?
The number of home purchases made without seeing the property is on the rise. The number of people entering their houses for the first time as owners, rather than potential customers, has significantly increased. But why has such a sudden change occurred?
This pattern did not disappear, according to Victor Rigoni III. His analysis points to several reasons why the market has moved in the direction it has. Victor Rigoni III has some opinions on the sudden increase in home buying trends and whether this new trend should be followed.
“It is 2022, and as expected, the housing market is hot. Many people are interested and looking forward to settling their roots for unseen sights,” went on Victor Rigoni III. “With the rise of remote work, people who used to work in big cities now have the opportunity to work from any place,” he added.
This has resulted in a flight to less populated areas with plenty of undiscovered housing.
A second factor driving demand is the ability of Americans to obtain reduced mortgages. Although the cost of a sight-unseen property is high, the reduced interest rates make it worthwhile to move from a cramped city to a spacious one.
Although more individuals desire to leave cities and buy homes, there aren’t enough of them to go around. Others are simply waiting for even higher prices as they are under financial stress. There are many potential buyers, but few sellers, and this is causing a supply-demand imbalance. Products are therefore scarce. However, this isn’t the only reason for the scarcity of supplies.
According to Victor Rigoni III, “Even though the American population is growing, residential construction has dropped in the last twenty years. It will take years for America to catch up to where house statistics should be. This will be accomplished with a devoted dedication to meeting the American people’s demands.”
Victor Rigoni III believes that the high housing market would further encourage construction and interest from sellers. With such a limited supply, it’s no surprise that individuals simply cannot wait.
About Victor Rigoni III:
Victor Rigoni III is an advisor with years of relevant experience in the industry. He is also an entrepreneur and is known to help in multifamily syndication, business acquisition, real estate syndication, etc. With nearly two decades of experience in the securities industry, Victor Rigoni III has worked with a wide range of brokerage firms to provide his services to various clients.