Derek McGowan reports a recent surge in housing demand: applications and pending home sales are at multi-year highs, implying more closed loans soon. He argues this surge signals rising home prices and urges buyers to act now to secure favorable deals and multi-year low interest rates before the window closes.
This is the biggest housing demand that at any point in the last couple of years and it could change everything. I know there are still people holding out for better house prices and lower interest rates, but here's the truth from the front lines. There are more applications at any point the last couple of years right now, meaning more people are jumping back into the housing market, starting the process. And there are more pending home sales than at any point the last couple of years, meaning people are getting under contract on their new homes. That's a clear sign we're going to have more closed loans in the next couple of months because I start reporting to the headlines and every time that happens, a big wave of buyers come back in because like, oh, shoot, the housing market's picking back up. Need to buy our house now. That's too late. You're behind the eight ball. The house prices have already started going up. So if you're trying to be savvy, this is the window of opportunity where you get a good deal on your home and multi year low interest rates. That combination doesn't last long.
