redux-framework domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/dh_bgubys/westbloomfieldhomes.com/wp-includes/functions.php on line 6114Where Will Real Estate Be at the End of 2020? – Amid this crazy COVID-19 era, some things still must go on; real estate being one of them. The housing market is definitely wading into some uncharted territory and we\u2019re seeing mortgage rates bounce up and down, canceled open houses, and a lot of chaos and uncertainty. So, where do we expect the real estate industry to be in the next 6 to 8 months?<\/p>\n
One thing is for certain, that the spring homebuying season will definitely look different than it has in years past. So what should we expect going forward into the second quarter of 2020?<\/p>\n
There just won\u2019t be that many homes on the market so homebuyers will hold off buying, although that\u2019s not everybody. Some people will still need to buy and sell real estate so it\u2019s even more important to have a good connection with your real estate agent so they understand what it is you might be looking for if you\u2019re planning on buying.<\/p>\n
Related: Can you feel safe to buy or sell during the virus?<\/a><\/span><\/p>\n We don\u2019t see home values dipping too much just because there will be a lack of inventory. This will keep home values up so long as this virus issue is somewhat short-lived. Once the lockdown is lifted, we should experience a dramatic spike in both buyers and sellers.\u00a0 Be prepared for multiple offer situations for those homes that are updated and priced right.<\/p>\n This is great news for homebuyers either currently in the mix or planning on buying a home in the next 6 to 8 months. Mortgage rates have been on a bit of a roller coaster lately, but if you\u2019re planning on refinancing, it might be a good time to look into rates and where you can benefit. The Federal Reserve has employed quantitative easing by putting billions into the mortgage-backed securities market to ensure that mortgage rates stay low. Experts say that this should put mortgage rates back into balance helping buyers and sellers throughout the rest of the year. [Source<\/a>]<\/p>\n One blessing through all this is our connection with each other. If this happened 100 years ago, we definitely would be more isolated but in today\u2019s society, technology is king. You could do just about everything online, over the phone, on through email. Even finalizing documents on a purchase and sale agreement can come down to just one notary coming to you to sign.<\/p>\n Buyers<\/a> and sellers<\/a> are using video technology to show houses, talk about issues, and using Google Street View to check out a neighborhood. Since open houses have been canceled, video tours and virtual tours are a seller\u2019s best friend right now.<\/p>\n#2. Home values should remain steady.<\/h2>\n
#3. Mortgage rates are likely to drop even further.<\/h2>\n
#4. Digital technology will become even more important.<\/h2>\n