Distressed properties may soon hit the market!!
Although housing inventory is low—which is bad news for buyers—experts say this shortage could improve under certain conditions. For one, if coronavirus rates remain low in a community, sellers who’ve been leery about inviting buyers into their home might decide it’s safe enough to give it a try.
“Even though inventory will remain low, we could see a slight improvement as sellers gain more confidence in the housing market,” Hale says.
Another factor to consider is the economy. If unemployment rises, more people may be forced to sell their homes. And according to the Mortgage Bankers Association, more than 3 million homeowners, or 7.1%, missed their mortgage payment in September.
“Could this possibly mean we could start to see distressed properties hitting the market in the future?” says Tracy Jones, a real estate agent with Re/Max Platinum Realty in Sarasota, FL. “That could be helpful to buyers struggling to find something affordable.”
Mortgage interest rates are low
2020 has been a year full of challenges, but one upside is that mortgage interest rates have remained at historic lows for several months. As of Oct. 22, interest on a 30-year fixed-rate loan was 2.8%, according to Freddie Mac.
I’m one call away for all your real estate needs.
8001 College Blvd
Overland Park, KS 66210