Are you wondering how coronavirus has impacted the housing market? Should you consider buying a home or selling a home in 2020 or is a market crash looming just down the road? In this video, I discuss my thoughts on a housing market crash 2020 and as well as what I see for the remainder of 2020 based on the data that is currently being released and in talking to top professionals across the country.
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Interest Rates hit a new all time low – The average U.S. rate for a 30-year fixed mortgage fell to 3.15% this week, the lowest ever recorded in a Freddie Mac data series that goes back almost five decades.
A recent jump in mortgage applications show buyers are back and ready to purchase a home in 2020. Mortgage applications rose 54% this past week from the bottom in early April and nearly 77% in California alone.
Inventory (available home for sale) is still at super low levels. Couple that with the recent surge in buyer demand and low interest rates tells me that the housing market will likely continue where it left off in early March.
Will the housing market crash in 2020?
There is no data currently out there to support a housing market collapse. All of the fundamentals that make up a strong and solid foundation for a great housing market are all there with low interest rates, high buyer demand and low inventory.
Will all of the homes in forbearance turn into foreclosures?
With nearly 4.2 million homeowners in forbearance there is a belief that there is a huge wave of foreclosures coming. While I do expect that we will see some foreclosures as the result of this pandemic, I don’t believe it’s going to be at levels anywhere close to what we saw in the great recession.
Fannie Mae, Freddie Mac, FHA and VA have put measures in place to help homeowners who need forbearance and put realistic repayment options in place like deferral that I believe will keep most homeowners in their homes. I have posted more videos on mortgage forbearance below.
If you have additional questions about the Real Estate Market or pondering the questions of “should I sell my home in 2020” or “should I buy a home now or wait”, please comment below or contact me directly.
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