As the coronavirus pandemic swept the nation in the midst of what originally was expected to be a hot spring housing market, real estate experts and homeowners began to wonder where the market would land in the coming months. While no one can say for certain what will happen as parts of the country continue to slowly reopen, the National Association of Realtors says the following three positive market indicators are suggesting a promising future for homeowners:
- Flatting of the forbearance curve – By April 30, 2020, nearly 4 million people had sought relief on their home loan. However, the Mortgage Bankers Association recently released information showing that the rate at which people are filing for forbearance has slowed to the lowest level since the pandemic began.
- Increase in new mortgage applications – Due in part to the historically low interest rates that our country is enjoying, new mortgage applications are on the rise nationwide. Economists predict the housing market may pick up as we near what would have been the end of the traditional homebuying season.
- Continuation of high demand – Despite the low sales for March and April, real estate agents are reporting an increase in demand for homes across the country. Due to the lack of home inventory, home prices have also remained stable.
For more information on the positive housing market indicators across the U.S., click here.
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