What Are Experts Saying About the Rest of 2020?

What Are Experts Saying About the Rest of 2020? | MyKCM


One of the biggest questions on everyone’s minds these days is: What’s going to happen to the housing market in the second half of the year? Based on recent data on the economy, unemployment, real estate, and more, many economists are revising their forecasts for the remainder of 2020 – and the outlook is extremely encouraging. Here’s a look at what some experts have to say about key areas that will power the industry and the economy forward this year.

Mortgage Purchase Originations: Joel Kan, Associate Vice President of Economic and Industry Forecasting, Mortgage Bankers Association


“The recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But, we don’t think that’s the case anymore. We revised our Q3 numbers higher. Before, we predicted a 2 percent decline in purchase originations in 2020, now we think there will be 2 percent growth this year.”


Home Sales: Lawrence Yun, Chief Economist, National Association of Realtors


“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lock down and hence the cyclical low point...Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”


Inventory: George Ratiu, Senior Economist, realtor.com


“We can project that the next few months will see a slow-yet-steady improvement in new inventory...we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame."


Mortgage Rates: Freddie Mac


“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”


New Construction: Doug Duncan, Chief Economist, Fannie Mae


“The weaker-than-expected single-family starts number may be a matter of timing, as single-family permits jumped by a stronger 11.9 percent. In addition, the number of authorized single-family units not yet started rose 5.4 percent to the second-highest level since 2008. This suggests that a significant acceleration in new construction will likely occur.”


Bottom Line

The experts are optimistic about the second half of the year. If you paused your 2020 real estate plans this spring, let’s connect today to determine how you can re-engage in the process.


FEATURED LISTINGS

Get instant access to the latest properties to hit the real estate market.

FEATURED LISTINGS
Marty is an outstanding realtor

If you need an amazing realtor, you have found one! Marty Remo Helped my husband and I sell our home         Marty is an outstanding realtor to partner with. His knowledge of the market and how to best market your property is second to none. Marty explained the entire process to us and held our hands  throughout the process. We trusted his judgement and advice and our property went into contract quickly. Marty is very responsive to emails, calls, and texts so I never felt ignored or uninformed about anything. He is high energy and will make sure that everything runs smoothly. I would highly recommend him to anyone. Thanks Marty!

Put your home in Marty's hands

Finding the The Remo Team was just what I needed to make selling my home as painless as possible. Working with Marty was truly a pleasure. He always went the extra mile.. Literally! Selling my second home, which was over 60 miles from where I currently reside, came with many challenges.. All of  which Marty was fully equipped and ready to handle. His presentation of the home was stunning, right down to the professional walk through video, which I now hold as a sentimental keepsake. I would highly recommend working with the The Remo Team for all of your real estate needs. Put your home in Marty's hands and leave your worries behind!

Excellent client service

Marty Remo expertly crafted a complex deal involving the sale of my home in unique market conditions.  From managing the showing process to negotiating sale terms in the most beneficial way Marty consistently went the extra mile to get us painlessly to the closing table and hopefully into our next  home.  Marty's years of experience and excellent client service skills make him top choice for our real estate needs.

 

 

 

 

We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info