Realtor®

Market Watch May 8

Moving up during Coronavirus

Does it make sense to move up during a soft market? Maybe. Given the characteristics of our low inventory, high demand market climate over the past several years smart investors will find opportunity when others are cautious.  This 2-minute presentation will provide food for thought.  Let’s have a strategy...

Mortgage Assistance during COVID-19

Check this out .. the Federal Housing Finance Agency now has a mortgage assistance program to help homeowners whose income has been impacted by COVID-19. Here’s what I learned on their website: If your ability to pay your mortgage is impacted, and your loan is owned by Fannie Mae or Freddie Mac, you may be eligible to delay making your monthly mortgage payments for a temporary period, during which: – You won’t incur late fees – You won’t have delinquencies reported to the credit bureaus – Foreclosure and other legal proceedings will be suspended If you have trouble catching up at the end of this temporary relief period, additional assistance may be available. You can work with your servicer to resume making a mortgage payment. Or if you need additional assistance, you can work with your servicer on other foreclosure prevention options to keep your home. Contact your mortgage servicer (the company where you send your monthly payments) as soon as possible to let them know about your current circumstances. The telephone number and mailing address of your mortgage servicer should be listed on your monthly mortgage...

Wednesday’s Market Watch

Check out today’s 24-hour market watch for Pasadena and Altadena. Seven new listings .. four homes withdrawn from the market but of those four, three had been on the market for over 130...

2020 Market Predictions

Housing Market 2020 Predictions After a cooling-off period in 2019, home prices regained momentum and are expected to further increase in 2020. How much? A cohort of economists at the National Association of Realtors Forecast Summit predicts a 3.6 percent rise; ULI predicts 2.5 percent, Zillow estimates 2.8 percent and Realtor.com 0.8 percent. The California Association of Realtors (CAR) believes the median home price in California likely will increase by 2.5% to $607,900 in 2020, slowing from a projected 4.1% annual gain in 2019. The group predicts sales of existing single-family homes will increase 0.8% in 2020 to reach 393,500. While low mortgage rates make it easier for buyers to afford homes, this is being offset by the possibility of an economic contraction due to international trade concerns, said Jared Martin, president of CAR. “Buyers have more purchasing power than in years past, but they may be reluctant to get off the sidelines because of economic and market uncertainties.” “California’s housing market will be challenged by changing migration patterns as buyers search for more affordable housing markets, particularly by first-time buyers, who are the hardest hit, moving out of state,” said CAR Senior Vice President and Chief Economist Leslie Appleton-Young. “With California’s job and population growth rates tapering, the state’s affordability crisis is having a negative impact on the state economically as we lose the workers we need most such as service and construction workers, and teachers.” What are the experts saying? “Housing remains a solid foundation for the U.S. economy going into 2020. Although economic output is expected to soften—influenced by clouds of uncertainty in the global outlook,...