PHOENIX (3 On Your Side) -- When temperatures cool off in the fall, the housing market typically cools off, too, but not this year.
According to Andrew Grant-Godoy from Wells Fargo Home Lending, home purchasing applications are up compared to the same time last year, and houses are selling more quickly.
"I think that we’re going to see a very active purchase market for the rest of 2020 and all of 2021," Grant-Godoy told 3 On Your Side. "People understand the great importance of having a house right now; a place where you can go to rest, a place where you can go and have space to have a family. Now that space is becoming home, school, workplace, and people understand that it’s very important to have one."
In a typical year, the housing market is strongest in the spring, with a bit of a slow-down in the fall and winter months. This spring, the COVID-19 pandemic caused the real estate market to take a sharp downturn, and then after about month and a half, it surged back to life.
"There are a number of options for low down payments," Grant-Godoy said. "There’s a lot of availability for financing right now."
To become a strong buyer at any budget, Grant-Godoy recommends enlisting the help of a mortgage professional and real estate agent. Then do some research on yourself.
"Make sure you’re aware of what you have," he said. "Make sure you’re aware of your FICO score, your credit score, how stable you feel with your income. What is your emergency fund? How much money do you have for a down payment? Those are the factors that are going to come together and allow you to make a good decision," Grant-Godoy said.
"A house should be something positive for the family," he added. "It should not be an enormous stressor."