“Even with prices soaring and the number of homes for sale at an all time low, homebuyers are moving as quickly as they can to buy every home that comes on the market,” said Redfin chief economist Daryl Fairweather. “Many homeowners are staying put instead of selling, because of the difficulty of finding a new home, even though they could command top dollar for their listing. As we move forward, all eyes will be on mortgage rates which are historically low now but may not stay that way for long. The Biden administration plans to spend in the trillions to help support the economy and fight the pandemic. That could drive up rates, but the impact would likely be small as the Federal Reserve has signaled a commitment to keeping interest rates low for the foreseeable future.”
