Real Estate Continues to Show Unprecedented Strength This Year

Dated: October 19 2020

Views: 34

Real Estate Continues to Show Unprecedented Strength This Year

Real Estate Continues to Show Unprecedented Strength This Year | MyKCM

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 CEOCoreLogic

"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

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.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jeffrey Daniels does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jeffrey Daniels will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Latest Blog Posts

The U.S. Homeownership Rate Is Growing

The U.S. Homeownership Rate Is GrowingThe desire to own a home is still strong today. In fact, according to the Census, the U.S. homeownership rate is on the rise. To illustrate the

Read More

Selling Your House? Your Asking Price Matters More Now Than Ever

Selling Your House? Your Asking Price Matters More Now Than EverThere’s no doubt about the fact that the housing market is slowing from the frenzy we saw over the past two years. But

Read More

What Does the Rest of the Year Hold for Home Prices?

What Does the Rest of the Year Hold for Home Prices?Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home prices fall this year? Let

Read More

Why the Forbearance Program Changed the Housing Market

Why the Forbearance Program Changed the Housing MarketWhen the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to

Read More