Are you wondering what’s happening in the Real Estate Market and how coronavirus could be affecting your ability to buy, sell or invest in real estate? In this video, I discuss all of the data that came out this week which includes mortgage applications on the rise, pending home sales declining as well as the Federal Reserve making a vow to keep interest rates near 0% until we reach full employment.
New videos 3 times per week on Real Estate, Mortgage, Home Buyer Tips and Home Seller Tips – Subscribe for More Real Estate Tips and Real Estate Information – https://goo.gl/NZB1S6
Some important data that was released this week that I discuss in this May 2020 Real Estate Market Update
- The Federal Reserve just announced that they will be keeping interest rates near 0% until we are back at full employment.
- Pending Home Sales Drop nearly 21% in March
- Mortgage applications to buy a home rise week over week up nearly 12%
- Jobless Claims reach nearly 30M for the last 6 weeks with 3.8M filing for unemployment this past week.
Is now a good time to sell a home?
It all depends on your goals but what I will say is that inventory is super low right now along with interest rates so do have an advantage by listing your home during this time. The advantage is that you have less competition on the market and while buyer demand is down, there are still buyers out there looking for the perfect trying to take advantage of super low interest rates.
Is now a good time to buy a home?
This also depends on your goals but if you are planning on living in the home for the next 5-7 years then I think it’s a great time to purchase due to super low interest rates if you find the right home. I wouldn’t be buying a home to buy a home, I would only purchase if I found the “right” one.
Will the real estate market crash in 2020?
I don’t personally believe that a real estate crash is coming. As of February, we were on track to have one of our best real estate markets on record until the pandemic hit. With that said, we have inventory levels we haven’t seen since 2006 and interest rates at levels we have never seen. I believe that once the coronavirus is under control, the market will pick back up (maybe not at the same pace) due to low inventory levels and low interest rates.
If you have additional questions about the Orange County or Huntington Beach Real Estate market please contact me directly or comment below.
Thank you for watching.
Connect with me: