Where Is the Housing Market Headed for the Rest of 2020?







o   The housing market is forecasted to finish the year with growing strength.
o   Historically low mortgage rates are creating great potential for homebuyers, and home sales are on the rise.
o   If you’re thinking of buying or selling a home this year, let’s connect to maximize your opportunity today.

As remote work continues on for many businesses and Americans weigh the risks of being in densely populated areas, will more people start to move out of bigger cities? Spending extra time at home and dreaming of more indoor and outdoor space is certainly sparking some interest among homebuyers. Early data shows an initial trend in this direction of moving from urban to suburban communities, but the question is: will the trend continue?
According to recent data from Zillow, there is a current surge in urban high-end listings in some larger metro areas. The month-over-month increase in these homes going on the market indicates more urban homeowners may be ready to make a move out of the city, particularly at the upper end of the market (See graph below):


Why are people starting to move out of larger cities?


With the ongoing health crisis, it’s no surprise that many people are starting to consider this shift. A July survey from HomeLight notes&nbs ...

So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles. From COVID-19 to record unemployment and then the resulting recession, just to name a few, the second quarter of 2020 has had more than a few challenges. Amidst the many roadblocks, however, the U.S. homeownership rate rose again, signaling great strength in the recovery of the housing market and an indication that even in a time of crisis, Americans still feel confident about buying a home.
Yesterday, the U.S. Census Bureau announced:

“The homeownership rate of 67.9 percent was 3.8 percentage points higher than the rate in the second quarter 2019 (64.1 percent) and 2.6 percentage points higher than the rate in the first quarter 2020 (65.3 percent).”

The increase is also represented by race and ethnicity of the householder:There are many reasons why the homeownership rate in this country is rising, and one of the key factors is historically-low mortgage ...

Some Highlights

Real estate has outranked stocks, savings accounts, and gold as the best long-term investment among Americans for the past 7 years.
The belief in the stability of housing as a long-term investment remains strong, despite the many challenges our economy faces today.
Of the four listed, real estate is also the only investment you can also live in. That’s a big win!

 

Gov. Ron DeSantis vowed Thursday that the Republican National Convention next month in Jacksonville will be “a safe environment,” despite widespread concerns about increasing coronavirus cases across Florida, DeSantis, during an appearance in Jacksonville, said he wasn’t surprised about talk of moving some of the four-night event from inside the 15,000-seat VyStar Veterans Memorial Arena to an outdoor stadium or setting.… Fidelity Home Group | Orlando Mortgage Company | Florida Mortgage