Real estate experienced a strange year in 2020, well so did all markets. The strange twist in the real estate market was a bright spot. What we as real estate professionals have watched happen is not enough houses on the market, lots of people looking to buy a home, plus interest rates are historically low. These three combine to create a very competitive market. But, what else does a strong housing market do for the economy? Well, when people buy houses they also buy, appliances, furniture, electronics, you get the picture. And all of that is good for the economy.
Here is a quick read that tells the story.
Real Estate and a Positive Impact On the Economy in 2020
PLEASE remember if you are buying a house or looking at buying a house with a mortgage do NOT go out and get an auto loan, or buy furniture on credit, or even open additional lines of credit (no matter what sort of discount the store will give you for opening the line of credit) before you close and have the keys to your new home in your hand. Any new loans will change your debt to income ratio and could cause your lender to cancel your loan. This can (and does) happen up to the day of closing.
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