Buyers and sellers must gauge the health of their markets and know when to pounce by tracking key indicators
After months of uncertainty, buyers and sellers are wondering whether housing markets will prove to be resilient this fall. A number of forces could influence the long-term health of the market: The release of pent-up demand after a muted spring season, uncertainty around whether schools will reopen, buyers motivated to move out of large cities hard hit by the pandemic, unusually low mortgage rates, and more.
In the U.S., home prices increased by 4.9% from June 2019 to June 2020, a CoreLogic report found, though the report also anticipated a 1% decrease in prices over the coming year, the first annual decline in nearly a decade.
That drop is relatively mild, given how the pandemic has put many markets on pause, led to mass layoffs, and sparked economic uncertainty globally. Real estate experts say that low mortgage rates, limited supply, and motivated buyers bode well for the upcoming fall season, traditionally a busy time for real estate. In the coming months, buyers and sellers must keep a close eye on transactions to get a sense of the resilience of the real estate market in the wake of coronavirus upheaval.
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This article first appeared on Mansion Global.