Home Buyer Optimism Returns After Harsh 2020

The homebuying market of 2020 was unlike any we’ve seen before: Prices were high, inventory was scarce and buyers competed to take advantage of record low mortgage rates, all amid (and in large part due to) a global pandemic. But would-be buyers are looking to 2021 through rose-colored glasses, according to a new survey.

Optimism has been a recurring theme in our annual Home Buyer Report. Since 2018, we’ve reported on the positive outlook among potential buyers, informed largely by the share of Americans who plan to buy a house in the near future. This year, it’s no different — 11% say they plan to buy a home in the next 12 months, according to the NerdWallet survey conducted online by The Harris Poll in December among over 2,000 U.S. adults. That would translate to 28 million home buyers. Considering that in each of the past five years around 5 million existing homes were sold, and less than a million new homes, it’s not a reach to call these 28 million extremely…

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This article was written by Elizabeth Renter and originally published on www.nerdwallet.com