What's Up Wednesday- September 23, 2020
Last week, Gary Keller, the CEO of Keller Williams, gave his bi-annual market update. As you can imagine, it's focus was all about the economy's recovery from Coronavirus. One topic of the discussion was the stumbling blocks that could possibly cause a downturn in the currently hot real estate market.
One of the biggest risks to the market is what might happen when forbearance periods begin to expire. The forbearance system gave a maximum forbearance period of 12 months and assumes that borrowers will have returned to being fully employed by that time. If we move towards the spring of 2021 and forbearance and unemployment rates are still high, we will likely see a negative impact. More homes may come on the market as the deadline looms closer and owners realize they will not be able to resume their mortgage payments. We could also see this lead to an increase in foreclosures as we move into April 2021 and beyond.
If you, like many people, are currently in forbearance and unsure about your future employment status or if you are struggling to make your mortgage payments, now is the time to consider selling. With prices at a ten year high and inventory at ten year lows, the perfect opportunity exists for you to cash out your equity to ride out the storm instead of panic selling in 6-9 months from now. We are here to help, so please reach out for a complimentary consultation to review all your options so that you can make the best decision for your family's financial needs.
We can help. Reach out for a confidential consultation today:
Music: « Hey! » from Bensound.com