![]() Mortgage interest rates hit a record low during the pandemic, supercharging sales. In 2010, only about 10% of homes were bought by investors now it’s approximately 20%, according to Redfin data. Investors are buying an increasing number of properties, adding to the competition. Millennials – born in the 1980s through the mid-1990s – are driving up demand because they’re now entering the housing market, after years of being delayed in buying their first homes. There are several causes of this, according to housing experts. The simple explanation for why housing prices are so high is that more people want to buy homes, but there aren’t enough on the market.
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