Homebuying competition ignites the market
Today’s HousingWire Daily features an interview with Opendoor Broker Associate and Consumer Trends Expert, Beatrice de Jong. In this episode, De Jong discusses the current state of the housing market and why competition is fierce for homebuyers.
During the episode, de Jong talks about the competitive nature of the housing market, and whether or not she believes it will continue going forward.
Here is a small preview of the interview with De Jong, which has been lightly edited for length and clarity:
HousingWire: Since the beginning of the pandemic, we’ve continued to see an increase in homebuyer demand and an incredibly hot housing market across the country. Outside of driven demand, potential homebuyers face a challenging market due to low inventory, rising home prices and costly lumber materials. In your experience and as a consumer trends expert, can you explain the dynamic between buyers and sellers?
Beatrice de Jong: As you said, there’s a low supply, low mortgage rates and high buyer demand. There’s this kind of real estate trifecta. On top of that, the majority of sellers also need to buy, so the ability to unlock equity to win your next home is a top of mind issue. It’s driving many homeowners to be hesitant to sell. And even sellers are kind of in a tough position. They may be worried about their ability to find and finance their next home fast enough after they sell their current home.
HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
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