The question on everyone’s mind is: “What is going to happen to the housing market in the second half of this year?” After examining unemployment, real estate, and the economic climate, the experts are taking a second look at their previous forecasts.
Joel Kan, Associate Vice President of Economic and Industry Forecasting, Mortgage Bankers Association
“The recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But, we don’t think that’s the case anymore. We revised our Q3 numbers higher. We predicted a 2% decline in purchase originations in 2020, now we think there will be a 2% growth this year.”
Lawrence Yun, Chief Economist, National Association of Realtors
“Sales completed in May reflect contract signings in March and April-during the strictest times of the pandemic lock down and hence the cyclical low point…Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”
George Ratiu, Senior Economist, realtor.com
“We can project that the next few months will see a slow-yet-steady improvement in new inventory…we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame.”
In summary, the economists and real estate experts are optimistic about the second half of the year. And this applies to California! So, if you were hesitant about pursuing your real estate plans earlier this Spring, you might want to start the ball rolling now that the California real estate market is showing signs of renewed life. Counties like Sonoma, Marin, San Francisco, Los Angeles and even Santa Barbara are increasing their mortgage requests – showing that Home buyers are moving out in bigger quantities.
If you need help with securing a home loan and have been turned down by other mortgage agencies, give Sun Pacific Mortgage a call at 707-523-2099 to discover what solutions exist for your specific qualifying problem. We have been in the hard money lending business for over 32 years with a great track record for helping our clients obtain alternative financing for their real estate investments, both owner-occupied and non-owner-occupied.