The current housing market is surpassing all expectations by helping drive the nation to economic recovery. However, with the current Covid-19 pandemic and the recent election will this positive trend continue to occur?
Multiple industry experts have already expressed their thoughts.
"Zillow'spredictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand.
The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of uncertainty including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook."
"Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market...Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery."
Frank Martell, Presidentand CEO, CoreLogic
"Homeowners' balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures...Although the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term."