We all know that housing (as every industry!) has been impacted by COVID-19, and the question of to what extent and for how long has been on everyone’s minds whether you are an agent, an existing homeowner, a seller, a buyer, an investor or just plain curious! One of the most definitive pieces addressing these questions has been published, as last week the National Association of Realtors® released their “2020 Housing Market Predictions – COVID-19 Update”.
Before you cringe… I want you to know the projections are not all bad! Check it out:
| National home price growth is forecast at 1.1%, previously projected at 2-4%. I can also tell you that here in the Bay Area, many, many homes are still receiving multiple offers as pent-up demand coupled with sellers in hold pattern has only heightened competition.
| Rates are estimated to average 3.2% and are expected to slide below 3% by year-end. First-time and move-up buyers may really want to consider getting in the game now, updating those pre-approvals under current lending guidelines and being ready to roll.
| A seller comeback is expected in the late summer… so if you list your home before then you may have even less competition and even more serious buyers, at least here in Silicon Valley.
I encourage you to read the report in full HERE and to watch the video from Chief NAR® Economist Danielle Hale below. The report covers consumer confidence, fiscal and monetary policy, employment and income, and election implications too.
All my best and hope to chat soon,
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS,
REI, AHWD, RSPS, MSLG
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/