Pent-up housing demand during state shutdowns is about to be unleashed as many coronavirus-related restrictions to daily life are lifted or relaxed and consumers return to the real estate market, says Lawrence Yun, chief economist for the National Association of REALTORS®. In the latest video from NARâs âPivot in Placeâ series, Yun says home sales are bouncing back from their bottom during the COVID-19 pandemic and offers strategies to prepare your clients to make moves quickly amid the return of bidding wars.
Looking forward, the market is ripe for robust activity. Mortgage applications are defying economistsâ expectations, rising 54% since April, the Mortgage Bankers Association reported last week. Mortgage rates for 30-year loans have broken through record lows three times in as many months, making borrowing costs favorable for prospective buyers who are looking to get off the fence and purchase. And even though NAR reported a 21.8% drop in pending home sales in April, the association says they likely wonât go any lower. Meanwhile, home prices continue to rise, even as uncertainty around the pandemic persists.
June is Homeownership Month! Consider reengaging with would-be sellers to get their properties ready for the market. New research shows that despite the ongoing risks of the pandemic, 65% of consumers are ready to attend an open house or take a home tour in person. (Learn more about buyersâ and sellersâ attitudes and expectations in the current market.) You might share these six low-budget home improvement ideas to help sellers spruce up their homes.
NAR is keeping REALTORS® up to date on coronavirus-related news at nar.realtor/coronavirus. You also can have updates pushed right to your email: If you arenât already a subscriber, sign up for REALTOR® Magazineâs Daily News e-newsletter. (Login required.) |
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