December 2020 Market Update
December 2020 Real Estate Market Update
Happy Holidays as we enter December! The market has remained hot! Yet, we have seen fewer houses come on the market in the last few weeks. We have buyers lined up who still want to purchase, making it an ideal time for sellers. The main question sellers are asking me now: who are these buyers? Who would want to move during a pandemic? First, rates are at records low under 3%. Second, it is cheaper now to pay a mortgage than rent. Third, younger buyers are still growing their families and need larger homes. Fourth, people continue to relocate. These are just some of the reasons that our local housing market has stayed strong. So, if you are thinking about putting your house on the market in the next few months, I am happy to come out and do a Home Salability Assessment. This is where I walk through the home and give you tips and tricks on what to do to get it ready for the market so you can net the most.
As an expert Realtor, I talk to many people each day and I notice trends that give me a little insight into the market (but not a crystal ball...haha).
Since the pandemic has begun, I have consulted with many homeowners about their financial situation. Some people lost their jobs and have struggled to pay their mortgage while others thrived. If you or someone you know is having trouble, I am happy to sit down and discuss different options to educate them so they can make the best choice for them.
When the CARES act came out at the start of the pandemic, it allowed homeowners to put their home into Forbearance. Forbearance allows you to hit the pause button on making your mortgage payment for 180 days. The forbearance rate jumped up in May 2020 to its height at 8.16 percent. So about 8% of homeowners we’re unable to pay their mortgage. At of the end of October, that number was down to 5%.
For many, forbearance is coming to an end and they are still struggling. With a second wave of the virus beginning, I suspect that number will rise again. If you or someone you know is struggling, I am happy to review your options with you. For some, it makes sense to sell and for some it makes sense to stay in their home. I am happy to consult with you and determine the best option for you. There is no fee for this. As always, I am happy to help!
Finally, we want to make sure every child has a Christmas this year and Toys for Tots needs our help. For every toy you donate The Swain Team will donate $5 towards the purchase of a new toy. Please help!
Until next month, I am Christina Swain with The Swain Team of Keller Williams
215.757.7257 – [email protected]