A MARKET UPDATE FROM THE DESK OF TOM HOTTER…
2020 has certainly been a wild ride in our industry. Real estate and mortgage lending have experienced a year of unprecedented opportunities and challenges not seen in our lifetimes.
So, what does the future hold in 2021?
Here are a few things to stay mindful of while still in the midst of a global health pandemic, a volatile job market & economy and an ongoing hotly contested presidential election.
- Fannie Mae, Freddie Mac and the Mortgage Bankers Association all project mortgage rates to remain low, with rates forecasted to stay at historically low levels.
- Home prices and sales are likely to rise, particularly if a COVID-19 vaccine becomes available and there is a return to “normalcy”.
- While points one and two are certainly positive, all is not rosy. A wave of foreclosures looms on the horizon. Lenders, non-profits and the federal government will all have roles in easing the full potential impact on any surges in home loss.
So what’s the bottom line…
Whether it’s Zoom meetings or in-person consultations, virtual home showings or traditional open houses, 2021 will undoubtedly be another wild ride!
Best wishes for a safe and healthy holiday season along with a prosperous 2021!