WalletHub recently released a rundown of the most-current state of affairs in 2020’s housing market. The data provide a comprehensive guide to help all those looking to jump into the market to make wise and informed decisions, be they real-estate investors or home buyers looking for the house of their dreams, WallerHub reported.
The housing market is ever-changing and high-stakes, and according to the real estate experts, this year is certainly no different. In fact, WalletHub reveals that 2020 has found the housing market in an extremely rare position. This is because mortgage rates have dropped a staggering amount, hitting historical lows. Such low rates are a welcome reprieve for the vast majority of Americans, many of whom are continuing to grapple with the financial strains that the current pandemic have plagued them with.
As for those Americans who are not struggling as much with the financial pinch from the pandemic, and who have some extra money to spend, now seems the perfect time to invest in a home. Of note within the report’s findings was the fact that among this tightening of supply and increase of demand in the housing market today, home prices have been steadily on the rise throughout the pandemic (on average). As for rental rates, those are reported to still range the entire spectrum, especially according to what region of the nation you are in.
Advice for those perusing the market are offered some expert advice by WalletHub. The first tidbit includes the encouragement to look beyond tangible factors like square footage and style and really shoot for long-term growth, equity, and profit, as these are the things that most drive an uptick in property values. This criteria, according to WalletHub, is more relevant to residential home buyers versus investors.
WalletHub further revealed not only what’s happening on the market today, but where home buyers should look to purchase and dwell. WalletHub was able to determine the best local real-estate markets in the country by comparing 300 cities of varying sizes across 24 key indicators of housing-market attractiveness and economic strength.
According to WalletHub’s data, the top five best places to buy a house include Boise, ID; Seattle, WA; Frisco, TX; Nashville, TN; and Gilbert, AZ (respectively).