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The National Association of Realtors recently posted an article on LinkedIn about the skyrocketing sales of vacation homes as a result of the pandemic. This trend began last summer when most states were on lockdown and that trend has only strengthened as people have a greater desire to own a second home particularly those living in large metro areas where many lockdowns were much more restrictive.
You have seen the news; the housing market has more buyers than sellers creating a shortage of inventory for buyers ready to take advantage of those low interest rates. But why are the interest rates such a big deal when home prices are on the rise?
Spring has sprung and summer is just around the corner. The housing market is still hot and that trend is expected to continue throughout 2021.