The pandemic has brought families closer together

The pandemic has brought families closer together

The pandemic has brought families closer together
The need to stop gathering in groups due to the coronavirus only increased the desire of Americans to spend more time with their family. According to the recently released “2021 Profile of Home Buyers and Sellers” from the National Association of Realtors, more Americans are citing a desire to move closer to family and friends as a major factor when considering a relocation.

“Home sellers have historically moved when something in their lives changed – a new baby, a marriage, a divorce, or a new job,” said Lautz. “The pandemic has impacted everyone, and for many, this became an impetus to sell and make a housing trade.”

In addition to living closer to their loved ones, Americans also expressed a clear desire this year to have more space. Seventeen percent of repeat buyers in a survey stated they wanted a larger home. In previous years, the main motivators to move were affordability and commute times.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.