Real estate market after COVID-19
If you hope to sell your home this year, the late summer or early fall might be a good time to try, according to realtor.com’s latest housing market forecast. Even with the expected rebound, experts believe home sales will be down 15 percent for the year. Other expected trends include a migration out of large urban markets and into smaller cities, where density is lower and housing is more affordable. The pandemic has distorted the spring housing market but, oddly, has not greatly affected its balance. While there are dramatically fewer buyers, there are also fewer homes for sale, as homeowners who want to sell are waiting if at all possible. In the last month, mortgage underwriters have dramatically tightened requirements for getting approved for a loan. The reason? Loaning money suddenly looks a lot riskier due to surging unemployment and the CARES Act allowing homeowners to delay paying their mortgages. Although qualifying for a loan will be harder to do, the realtor.com forecast p