When shelter-in-place orders brought the economy to a screeching halt earlier this year, many believed the residential housing market would follow suit. Countless analysts predicted buyer demand would disappear and home values would depreciate for the first time in almost a decade. That, however, didn’t happen. It appears the opposite is taking place. After the bottom fell out of the real estate market immediately following the shutdown, it has come roaring back – and seems to still be gaining steam. … [Read more...]
The Top Reasons People Are Moving This Year
Today, Americans are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what homeownership means and what they find most important in a home. According to Zillow: “In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of … [Read more...]
Ask a Pro About Buying a Home [INFOGRAPHIC]
Some Highlights According to trending data, searches for key real estate topics are skyrocketing online. Clearly, lots of people have questions about buying a home, and other topics related to the process. Working with a trusted real estate professional will help you create the most personalized and helpful experience. Let’s connect so you have the guidance you need along the way. … [Read more...]
Forbearance Numbers Are Lower than Expected
Originally, some housing industry analysts were concerned that the mortgage forbearance program (which allows families to delay payments to a later date) could lead to an increase in foreclosures when forbearances end. Some even worried that we might relive the 2006-2008 housing crash all over again. Once you examine the data, however, that seems unlikely. As reported by Odeta Kushi, Deputy Chief Economist for First American: “Despite the federal foreclosure moratorium, there were fears that up to 30% of … [Read more...]
Just How Strong Is the Housing Recovery?
The residential real estate market has definitely been the shining light in this country’s current economic situation. All-time low mortgage rates coupled with a new appreciation of what a home truly means has caused the housing market to push forward through this major health crisis. Let’s look at two measures that explain the resilience of the real estate market. Purchase Mortgages The number of buyers getting a mortgage to purchase a home is a strong indicator of the strength of a housing market. … [Read more...]
Sellers Are Returning to the Housing Market
In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. Javier Vivas, Director of Economic Research at realtor.com, explains: “Seller confidence has been improving gradually after reaching its bottom in mid-April, and now it appears to have reached an important recovery … [Read more...]
The Beginning of an Economic Recovery
The news these days seems to have a mix of highs and lows. We may hear that an economic recovery is starting, but we’ve also seen some of the worst economic data in the history of our country. The challenge today is to understand exactly what’s going on and what it means relative to the road ahead. We’ve talked before about what experts expect in the second half of this year, and today that progress largely hinges upon the continued course of the virus. A recent Wall Street Journal survey of … [Read more...]
Mortgage Rates & Payments by Decade [INFOGRAPHIC]
Some Highlights Sometimes it helps to see the dollars and cents you’ll save when you purchase a home while mortgage rates are low. Today’s low rates mean it’s less expensive to borrow money, so the savings over the life of your loan is significant. Let’s connect to determine the best way to position your family for a financially-savvy move in today’s market. … [Read more...]
Homes Are More Affordable Right Now Than They Have Been in Years
Today, home prices are appreciating. When we hear prices are going up, it’s normal to think a home will cost more as the trend continues. The way the housing market is positioned today, however, low mortgage rates are actually making homes more affordable, even as prices rise. Here’s why. According to the Mortgage Monitor Report from Black Knight: “While home prices have risen for 97 consecutive months, July’s record-low mortgage rates have made purchasing the average-priced home the most … [Read more...]
Why Foreclosures Won’t Crush the Housing Market Next Year
With the strength of the current housing market growing every day and more Americans returning to work, a faster-than-expected recovery in the housing sector is already well underway. Regardless, many are still asking the question: will we see a wave of foreclosures as a result of the current crisis? Thankfully, research shows the number of foreclosures is expected to be much lower than what this country experienced during the last recession. Here’s why. According to Black Knight Inc., the number of those in … [Read more...]
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