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Macomb County Michigan: What Are Experts Saying About the Rest of 2020 Real Estate Market
By: Rick Giese RE/MAX First
Mortgage Purchase Originations:
"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. Before, we predicted a 2 percent decline in purchase originations in 2020, now we think there will be 2 percent growth this year."
Home Sales: 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."
Inventory: 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."
Mortgage Rates: Freddie Mac
"Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021."
The experts are optimistic about the second half of the year. If you paused your 2020 real estate plans this spring, let's connect today to determine how you can re-engage in the process.
Curious to Know Your Home or Condo's Value? We have buyers looking for homes and condos right now! For YOUR Home Valuation Report as of July 4th 2020:
Rick Giese RE/MAX First