Page 36 - AreaNewsletters "Sept 2020" issue

The Reality Real Estate
By Kay Rowe, HomeSmart Realty Group and Embrace Life LLC Real Estate Trends
You Need to Know
Whether you’re buying or selling, the current coronavirus outbreak might have you wondering how real estate trends have been impacted. Here are the latest trends you need to know.
1. Home Prices Continue to Rise Slowly. National Association of Realtors Chief Economist Lawrence Yun believes home prices will make their way up to 4% growth overall in 2020.
For sellers this means keep in mind some buyers are being priced out of the market so remain aware of your competition. For buyers this means remaining patient while focusing on your budget and “must-have” items.
2. Mortgage Interest Rates Are Historically Low. Even prior to the pandemic, mortgage interest rates have been trending downwards. Economists believe interest rates will continue to stay low until the economy is close to normal again.
For sellers this means as interest rates continue to stay low, more buyers will be motivated to
Real Estate
&
Mediation
September 2020 • Castle Rock “AreaNewsletters” 36
H O U S E & H O ME
about