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Six months into the pandemic and the housing market continued to set a record pace in September. “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” reports National Association of REALTORS® chief economist Lawrence Yun. Read more in our market recap.
In the furious fight for the presidency, the housing market has been far from center stage. All the same, President-elect Joe Biden devised a sweeping $640 billion, 10-year plan that addresses everything from affordable housing to anti-discrimination policies.
Of course, as Forbes writer Natalie Campisi points out, “Biden’s housing plan is likely just a wish list unless the Democrats can wrangle control of the Senate.” While we wait to see how it all shakes out, take a closer look at Biden’s housing proposals.
Real estate typically goes into hibernation in the winter months, but this winter’s real estate market “is shaping up to be unlike any other before it — and, contrary to what some may have feared, is slated to be an excellent time to sell a home,” according to realtor.com. Read on to find out why.
“Volatility surrounding the 2020 presidential election has helped push mortgage rates to their 12th record low this year, giving both homeowners and buyers a boost,” reports CNBC journalist, Diana Olick. In fact, for the first time since 2011, homes sold faster in October than September and prices remained at their summer peak.
“Homeowner equity in the third quarter added another pebble to the pile of markers showing that the U.S. housing market continues to defy the broad downturn in the economy this year,” said Todd Teta, chief product officer for Attom. In fact, 28.3% of mortgaged homes in Q3 were considered equity-rich, meaning the combined amount of loans secured by the property is 50% or less of its estimated market value.
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