What is going on with the market ??

A lot of people are asking that question; What is going on with the market right now?

The current situation is not usual, many people are waiting to see what is going to happen to the economy, how the economy will recover. This is putting a lot of people on Hold for listing their properties and they may be right, why do I sell my property now if it may appreciate 50k more next month, buyers now driven by the lowest mortgage rates ever are flocking to the real estate market because they can afford way more than when those rates were higher by 1% not a long time ago.

With CARES Act Mortgage Forbearance in place, which limits the foreclosure possibility as well eviction for tenants that can’t pay their rent due to loss of income, the inventory is very tight. Many landlords cannot list their properties, and many homeowners are waiting to see what comes next.

The CARES Act forbearance was about to expire but with the new extension by the Federal Government to summer, my expectations are that the market will stay tight until that time.

Expectations are that sellers will have big leverage in pricing their properties and buyers will compete fiercely taking advantage of the lowest mortgage rates.

Feel free to contact me with your questions about your property value or any real estate advise