Certainly, 2020 has been a year like no other to date and all the signs point to this continuing for the foreseeable future. What does this mean for real estate for the remainder of 2020?
First, mortgage rates continue to be abnormally low, with a 2.6 percent rate in June for a 15-year fixed mortgage. This means, of course, that many potential buyers are eager to purchase now before rates start inching upwards. This is good news for sellers. Of course, economic uncertainty has definitely cut down on the number of potential buyers. This is good news for those buyers who are still in the game.
High unemployment will also result in lower home prices. In fact, Fannie Mae is predicting a 15 percent drop in home sales nationwide, which will mean lower home prices. This is certainly good news for buyers.
Buyer or seller? 2020 is a unique year and, depending on your situation, could be the perfect time to buy or sell.
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