Let’s talk about Realty! As 2020 nears its close, let’s see what the experts see for the future of buying, selling, and investing in Real Estate.
“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.” – Mark Fleming, Chief Economist at First American
“Housing data over the past month continued to show a strong V-shape rebound, helping drive the broader economy. Existing home sales jumped to a pace not seen since 2006…We have substantially upgraded our forecasts for both new and existing home sales. For 2020, total home sales are now expected to be 1.3% higher than in 2019.”
– The Economic & Strategic Research Group at Fannie Mae
“Yun forecasts existing-home sales to ramp up to 5.8 million in the second half. That expected rebound would bring the full-year level of existing-home sales to 5.4 million, a 1.1% gain compared to 2019. – The National Association of Realtors
“The end of 2020 will likely see certain sellers willing to accept a lower price for their assets. While some owners will hold on and weather the storm, others will no longer want nor have the flexibility to wait and will decide to liquidate their holdings. This means investors on the buy side will have an opportunity to acquire assets at a discount from their current price.”
“For those who have weathered the pandemic well by keeping their jobs, there have been some opportunities to become homeowners. They can take advantage of low mortgage rates, they may be able to save more for a down payment because they’re not spending as much going out.”
- Danielle Hale, Chief Economist at Realtor.com
“The ability to work remotely will weigh heavily in home-buying decisions over the next six months. Remote work expands a lot of buyers’ geographic options and influences the features buyers are looking for. Unsurprisingly, home offices are becoming more important, but our research shows that people are also looking for a quiet location, an updated kitchen, a large backyard and an open floor plan.”
“I expect demand for housing to remain robust as millennials and baby boomers power through to keep the economy moving. As developers assemble and develop new homes, old architecture and decaying mechanical systems in 1960s, 70s and 80s homes will be replaced by a new home revolution.”
“Lower interest rates combined with the need for some stability will push more people into homeownership. We’re seeing this already, and I expect this trend to continue over the next few years.”
“I have buyers that are working remotely as well as homeschooling. They are giving up their city digs and looking for lake homes and acreage!
- Gina Smith- Palmerhouse Properties