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Showing posts from March, 2020

5 Simple Graphs Proving This Is NOT Like the Last Time

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5 Simple Graphs Proving This Is NOT Like the Last Time With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. The feeling is understandable. Ali Wolf,  Director of Economic Research  at the real estate consulting firm  Meyers Research , addressed this point in a  recent interview : “With people having PTSD from the last time, they’re still afraid of buying at the wrong time.” There are many reasons, however, indicating this real estate market is nothing like 2008. Here are five visuals to show the dramatic differences. 1. Mortgage standards are nothing like they were back then. During the housing bubble, it was difficult NOT to get a mortgage. Today, it is tough to qualify. The  Mortgage Bankers’ Association  releases a  Mortgage Credit Availability Index  which is  “a summary measure which indicates the availability of mortg

Real Estate Is Soaring, But Not Like 2008

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Real Estate Is Soaring, But Not Like 2008 Unlike last year, the residential real estate market kicked off 2020 with a bang! In their latest  Monthly Mortgage Monitor ,  Black Knight  proclaimed: “The housing market is heating entering 2020 and recent rate declines could continue that trend, a sharp contrast to the strong cooling that was seen at this same time last year.” Zillow   revealed  they’re also seeing a robust beginning to the year. Jeff Tucker,  Zillow Economist,  said: "Our first look at 2020 data suggests that we could see the most competitive home shopping season in years, as buyers are already competing over…homes for sale.” Buying demand is very strong. The latest  Showing Index  from  ShowingTime  reported a 20.2% year-over-year increase in purchaser traffic across the country, the sixth consecutive month of nationwide growth, and the largest increase in the history of the index. The even better news is that buyers are not just looking. The lates

Impact of the Coronavirus on the U.S. Housing Market

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Impact of the Coronavirus on the U.S. Housing Market The  Coronavirus  (COVID-19) has caused massive global uncertainty, including a U.S. stock market correction no one could have seen coming. While much of the news has been about the effect on various markets, let’s also acknowledge the true impact it continues to have on lives and families around the world. With all this uncertainty, how do you make powerful and confident decisions in regard to your real estate plans? The  National Association of Realtors  (NAR) anticipates: “At the very least, the coronavirus could cause some people to put home sales on hold." While this is an understandable approach, it is important to balance that with how it may end up costing you in the long run. If you’re considering buying or selling a home, it is key to educate yourself so that you can take thoughtful and intentional next steps for your future. For example, when there’s fear in the world, we see lower mortgage  interest