SELLERS ARE ANXIOUS, BUT HOMEOWNERS ARE READY TO SHOP

According to a survey of homebuying and selling sentiment by Fannie Mae, the majority of those looking to sell a home are worried about the current conditions. Sellers reportedly expect prices to go down over the next twelve months, though there is good reason to believe home prices won’t suffer as they did in 2008.
 
Nevertheless, the sentiment among potential buyers remains positive. Mortgage applications for new purchases also grew or held steady for the last 3 weeks, showing that as state lockdowns start to ease, homebuying could begin to pick up steam as the season approaches.
 
Now, as social distancing orders are being loosened across the country, homebuyers are taking full advantage. According to the latest data from the Mortgage Bankers Association, applications to purchase a home were up 11% last week, marking the third straight week of increases.
 
If you’re considering a move, send us a message, and we can discuss if now is the right time for you to buy or sell.