Real Estate market good news

With the coronavirus lockdown, the California ban on evictions and foreclosures, the worsening real estate inventory shortage, and now the protests that are turning into riots, it just seems like 2020 has had a really negative start.

Well, now things have seemed to be stabilizing with many of the virus restrictions being lifted and the most recent unemployment rate actually going down when many expected another increase. There’s also some very good news about the real estate market

Real Estate market good news

Here is some “Good News” because we all like good news. Listings are starting to reach pre-Covid levels. Read about it here: https://www.forbes.com/sites/ellenparis/2020/05/30/heres-some-positive-housing-market-news/#405eb5dc39f4

CNBC is telling us that “homebuyer demand has spiked 18%” :https://www.cnbc.com/2020/06/03/mortgage-demand-from-homebuyers-spikes-18percent.html

But, the “good news” that most agents want is inventory and more and more of it. Is it coming?? I think it is….If prices start to dip (and the media eventually reports it), then the “reluctant seller” decides to sell!

The folks at Yahoo Finance tell us that prices (in 2020) have fallen the most in 11 years: https://finance.yahoo.com/news/house-prices-see-largest-monthly-072953408.html

And CoreLogic is predicting prices to fall in 2021: http://www.mortgagenewsdaily.com/06022020_corelogic_hpi.asp

This CNBC article specifically discusses small landlords offloading their AirBNB properties (see, it’s coming:) : https://www.cnbc.com/2020/05/30/short-term-rental-market-faces-consolidation-as-airbnb-owners-scramble.html

Self employed buyers and jumbo buyers have seen mortgage options tighten up on them a bit and we’re seeing that in appreciation. Lower priced homes are appreciating at a faster clip: http://www.mortgagenewsdaily.com/06042020_housing_affordability.asp

So, as things open up and people can get their haircut again… I think we will see activity pick up a good deal. There is a lot of pent up demand for buyers to absorb property once it hits the market. Rates are great and there are fantastic programs for people in all price ranges.

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Real Estate market good news

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