{"id":6000,"date":"2020-09-15T12:46:37","date_gmt":"2020-09-15T16:46:37","guid":{"rendered":"https:\/\/mortgageequitypartners.com\/ma-methuen\/?p=6000"},"modified":"2024-04-06T14:59:16","modified_gmt":"2024-04-06T18:59:16","slug":"have-you-ever-seen-a-housing-market-like-this","status":"publish","type":"post","link":"https:\/\/mortgageequitypartners.com\/ma-methuen\/have-you-ever-seen-a-housing-market-like-this\/","title":{"rendered":"Have you ever seen a housing market like this?"},"content":{"rendered":"

The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year\u2019s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here\u2019s a look at four key areas that are fundamentally defining the market this year.<\/span><\/p>\n

Housing Market Recovery<\/h3>\n

The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology<\/a> and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.<\/p>\n

The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications<\/a>, buyers are back in business and homes are selling \u2013 fast<\/strong>.<\/p>\n

According to the Housing Market Recovery Index by realtor.com<\/em>, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year (See graph below):<\/em><\/p>\n

\"Housing<\/p>\n

Record-Breaking Mortgage Rates<\/h3>\n

Historically low<\/a> mortgage rates are another 2020 game-changer. Today\u2019s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.<\/p>\n

When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time<\/a> than expected at home this year, and likely beyond.<\/p>\n

Continued Home Price Appreciation<\/h3>\n

One of the key drivers of home price appreciation this year is historically low inventory<\/a>. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they\u2019re coming up for sale.<\/p>\n

This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you\u2019re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, EVP of Capital Markets<\/em> at Quicken Loans<\/em>, notes<\/a>:<\/p>\n

\u201cThe pandemic has not stopped the consistent home price growth<\/strong> we have witnessed in recent years.\u201d\u00a0 <\/em><\/p><\/blockquote>\n

Increasing Affordability<\/h3>\n

Even as home prices continue to rise, affordability<\/a> is working in favor of today\u2019s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power \u2013 an opportunity not to be missed, especially if your family\u2019s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider<\/a> your current house.<\/p>\n

According to Mortgage News Daily<\/a>:<\/p>\n

\u201cThose shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.<\/strong>\u201d<\/em><\/p><\/blockquote>\n

Bottom Line<\/h3>\n

With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate \u2013 perhaps one we\u2019ve never seen before and may never see again. Let\u2019s connect today if you\u2019re ready to take advantage of this year\u2019s record-breaking opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year\u2019s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here\u2019s a look at four key […]<\/p>\n","protected":false},"author":1,"featured_media":6002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[6,4],"tags":[],"class_list":{"0":"post-6000","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-articles","8":"category-news","9":"entry"},"_links":{"self":[{"href":"https:\/\/mortgageequitypartners.com\/ma-methuen\/wp-json\/wp\/v2\/posts\/6000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mortgageequitypartners.com\/ma-methuen\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mortgageequitypartners.com\/ma-methuen\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/ma-methuen\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/ma-methuen\/wp-json\/wp\/v2\/comments?post=6000"}],"version-history":[{"count":0,"href":"https:\/\/mortgageequitypartners.com\/ma-methuen\/wp-json\/wp\/v2\/posts\/6000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/ma-methuen\/wp-json\/wp\/v2\/media\/6002"}],"wp:attachment":[{"href":"https:\/\/mortgageequitypartners.com\/ma-methuen\/wp-json\/wp\/v2\/media?parent=6000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/ma-methuen\/wp-json\/wp\/v2\/categories?post=6000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mortgageequitypartners.com\/ma-methuen\/wp-json\/wp\/v2\/tags?post=6000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}