What's Going On With Housing Prices?

Dated: October 29 2020

Views: 28

Let's tackle the projections of the experts about the housing prices! ?️?️
Watch this video and together let's get informed about their forecast! WATCH NOW

What are the projections for housing prices according to the experts? What is going to happen? We keep getting asked this question and we don't think we have ever seen a time of so much uncertaininty, so we can totally see how it could be so scary. So what is going to happen?  Well, we don't have a crystal ball, but lets look at what the experts and advisors are saying across the nation are saying and what they are projecting.

Only 2 of the major organizations re saying that we are going to decline. Large range of projections on future home prices. 7 of the 9 organizations are projecting home prices to go up form about 2.3% to 4.4%  we believe that the lack of inventory has a significant impact on the projections going up because right now we cant even bring homes to market as fast as people are buying them.

locally we are seeing prices increase substantially in certain areas and the buyer demand is substantial. this is also happening nationally. lets look at a quote from move.com "summer home buying season is off to a roaring start. as buyers flooded into the market, realtor.com monthly traffic hit an all time high of 86 million unique users in June 2020, breaking mays record of 85 million unique users."

I personally think that the low mortgage rates have a lot to do with what is going on with the surge in buyers demand. The low mortgage rates have turned a lot of prospective buyers into active buyers. many times economic downturn causes interest rates to go down, but as we see the economy start to recover we should actually assume that interest rates will go up.

Now remember, as interest rates go down a buyers buying power goes up meaning that they are able to qualify for and afford more and their payment does not go up. This is why buyers are out in full force. Aloso if you look at the amount of home purchase applications that were taken out by buyers, according to the mortgage bankers association we see that we have 11 straight weeks of year over year increases in applications for a loan to purchase a home from buyers.

So according to experts and analysts across the country the projections are positive. for more information, or just to chat about what may be best for you. we look forward to hearing from you here at Coyle & Verberne Real Estate. And as always, make it a great home buying and selling day!

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Tara Coyle

Get to know Tara Coyle Coyle & Verberne Real Estate is committed to getting results and building trust for our clients. Tara customizes a tailored strategy to meet each individual’s needs. Tara, ....

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