{"id":15770,"date":"2020-06-04T11:11:00","date_gmt":"2020-06-04T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15770"},"modified":"2020-05-31T14:55:54","modified_gmt":"2020-05-31T21:55:54","slug":"a-buyers-or-sellers-market-after-pandemic","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/06\/a-buyers-or-sellers-market-after-pandemic\/","title":{"rendered":"A Buyer’s or Seller’s Market After Pandemic?"},"content":{"rendered":"

Real estate market experts were optimistic of an extremely hot seller\u2019s market in 2020, but then along came the coronavirus pandemic.<\/p>\n

\u201cWe are in uncharted territory,\u201d Caleb Liu, a real estate investor and owner of House Simply Sold, told The Mortgage Reports. He said that some homeowners may be forced to sell due to economic damage caused by the pandemic, which would mean an increased housing supply. \u201cAnd when the inventory goes up, prices fall,\u201d Liu said.<\/p>\n

As such, we could well see a buyer\u2019s market instead, some experts say.<\/p>\n

\u201cThe economy is still relatively strong,\u201d said Rajeh Saadeh, a real estate attorney. \u201cAnd the buyer pool this year will likely be smaller due to job and income loss. Those factors can help give buyers the advantage.\u201d<\/p>\n

Buyers may also be enticed by the current low mortgage rates. According to the National Association of Realtor\u2019s director of forecasting Nadia Evangelou, the monthly payment for an average home falls by $150 when rates drop from 4% to 3%, which is exactly what has happened in recent weeks. And when it comes to high-end properties, the drop translates to a monthly payment reduction of several hundred dollars.<\/p>\n

But the buyer\u2019s advantage may be wiped out by the current lack of housing inventory and home prices that refuse to budge, other economists note.<\/p>\n

\u201cI don\u2019t think the coronavirus will change the dynamics in the real estate market and give the upper hand to buyers,\u201d Evangelou told The Mortgage Reports. \u201cA market favorable to buyers can happen when there are more homes for sale than there are buyers in the marketplace. And right now, we have a housing shortage.\u201d<\/p>\n

Experts say a balanced housing market needs a five to six month supply of homes for sale, but at present, the market barely has a four-month supply.<\/p>\n

That low supply is causing home price rises in many areas. Nationwide, the number of existing single-family homes listed for sale jumped 8% in March compared to a year ago, according to NAR data. There\u2019s also less concern about foreclosures impacting the market too, as the government has put in place a moratorium on evictions during the COVID-19 pandemic.<\/p>\n

As such, Evangelou said he expects the housing market and prices to remain stable for the rest of the year.<\/p>\n

\u201cThat\u2019s due to the pandemic-induced reduction in inventory and less immediate concerns about foreclosures,\u201d she said. \u201cPotential buyers and sellers are indicating they may simply delay the process for a couple of months. But coming to 2021, prices are expected to rise 3% to 5% because of pent-up demand.\u201d<\/p>\n

Will It Be A Buyer’s or Seller’s Market This Year?<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate market experts were optimistic of an extremely hot seller\u2019s market in 2020, but then along came the coronavirus pandemic. \u201cWe are in uncharted territory,\u201d Caleb Liu, a real … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-15770","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nA Buyer's or Seller's Market After Pandemic? • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/06\/a-buyers-or-sellers-market-after-pandemic\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Buyer's or Seller's Market After Pandemic? 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