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Americans are snapping up homes. The National Association of Realtors says sales of existing homes rose almost 25% in July from a year before, a huge jump brought about by the intersection of two factors: low interest and the coronavirus pandemic.
“People having to isolate forced them to evaluate their living situation, whether they owned or were renting,” says Jeff Belzer, a Realtor with Jeff Belzer & Associates at LIV Sotheby’s Realty in Ventura, California. “We’re seeing people who are homeowners wanting to buy bigger homes, and a lot of first-time homebuyers.”
The current low interest rates, Belzer adds, “are opening up new opportunities for people.”