“Will this positive trend in Real Estate continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more?”
The 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year, especially given the uncertainty around the current health crisis, the upcoming election, and more?
Here’s a look at what several industry-leading experts have to say.
Lawrence Yun, Chief Economist, National Association of Realtors
“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market…Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”
Frank Martell, President and CEO, CoreLogic
“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures…Although the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term.”
“Zillow’s predictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand.
The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of uncertainty including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook.”
Bottom Line
Many economists are in unison, indicating the housing market will continue to fuel the economy through the end of the year, maintaining this unprecedented strength.
To view original article, visit Keeping Current Matters.
Why You May Still Want To Sell Your House After All
If you need to sell now because something in your own life has changed, don’t let mortgage rates hold you back from what you want.
Gen Z: The Next Generation Is Making Moves in the Housing Market
Generation Z (Gen Z) is eager to put down their own roots and achieve financial independence. As a result, they’re turning to homeownership.
Why You Don’t Need To Fear the Return of Adjustable-Rate Mortgages
If you’re worried today’s adjustable-rate mortgages are like the ones from the housing crash, rest assured, things are different this time.
Why Median Home Sales Price Is Confusing Right Now
Median home sales prices change because there’s a mix of homes being sold is being impacted by affordability and mortgage rates.
People Want Less Expensive Homes – And Builders Are Responding
Builders producing smaller, less expensive newly built homes give you more affordable options at a time when that’s really needed.
Don’t Expect a Flood of Foreclosures
Before there can be a significant rise in foreclosures, the number of people who can’t pay their mortgage would need to rise. Since buyers are making their payments today, a wave of foreclosures isn’t likely.