The increased activity in the real estate market is likely going to persist throughout the rest of this year and into 2021. Consumer traffic has increased 180 percent year over year which is an indicator of future demand and the average search is 19 percent longer than it was last year which reflects that buyers are more picky than they were last year.
This is happening for two reasons: 1 – people are more aware of the inadequacies of their home and everyone wants more space, more indoor space, more outdoor space, more private office space, and more pool space. 2 – we have record low mortgage rates and the Federal Reserve has said they’re not going to increase mortgage rates or Fed rates until 2022 at the earliest.
Big cities across the country are seeing a rise in listings as people move to the suburbs. According real estate company Compass, search traffic has more than doubled with searches for outdoor spaces and pools up substantially since March. Robert Reffkin, CEO and founder of Compass, joins “Squawk Box” to discuss.