Feb. Real Estate Market Predictions #3

Feb. Real Estate Market Predictions #3

Feb. Real Estate Market Predictions #3. Real estate market prediction for the US in 2021 comes from CoreLogic’s chief economist, is that the home prices will continue to go up, but not as quickly as we’ve seen recently. Hi, I’m Rich Barnes, owner broker of Realty Experts in West Dallas, Wisconsin, 53214. And listen, I’ve been involved in over 1500 real estate transactions, and I trust CoreLogic, because they based their predictions on data and analytics, not the news. According to CoreLogic’s home price index, home prices went up about 7% in 2020. He expects a continued growth and appreciation in the first half, but feels it may slow down just a little bit in the second half of the year, averaging about 3.4% cumulative growth in 2021 in our national index. However, in areas or communities where unemployment rate is lower, because he feels there could be less appreciation. Areas where employment factors rely heavily on travel, hospitality, entertainment, and eating out, like Las Vegas or Orlando, these areas have been hit harder. So he feels that it may see a bit of a decline in those areas. Homes may not appreciate as fast, and it’s important to understand the CARES Act and forbearance. Mortgage forbearance temporarily pauses mortgage payments to provide relief for individuals struggling financially due to what’s happening globally right now. This is a deferment in payments for up to 12 months or 360 days. There are various ways to pay back those payments and continue to make payments on the home. So hopefully at the end of the term, most individuals’ income has been restored and business is as usual. However, there is a possibility of more distressed sales at the end of the term, which brings up the possibility of more foreclosures. I hope this is helpful. Be sure to reach out to our YouTube channel for all real estate predictions for 2021. Rich Barnes YouTube. Feel free to reach out, I’m here to help, and remember, you can always rely on rich.com. Thanks and have a great day.

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