It looks good on the surface but if we really look hard, we have concerns lingering around us. We are excited to see the Seller’s Market bring higher prices and faster sales for our Sellers but that also means that Buyers may be forced to pay higher prices and get into bidding wars with other Buyers if they want to buy a house. So, the ‘Good Market’ depends on what side of the coin you flip. The stock market is good so some say the economy is good; however, due to the pandemic, we have hundreds of thousands of people out of work right now and not able to pay rent or mortgage. You can only kick the can down the road so far until it falls to the curb.
The CDC’s eviction restrictions expire on 12/31/2020. Congress needs to work on plans before then to help Tenants and Landlords deal with past due rent balances. Homeowners who requested a mortgage forbearance may have a few months with less expense, but that only delayed the payments and interest is still assessed. The Pandemic has created so many more problems that just an illness that may be more harmful to some than others. In addition to the health concerns, it’s somehow become a political divider, a destructor to finances, and a stress-inducer.
We sure don’t have the answers but the American People need to come together to help one another. It’s critical for the Housing Market to remain strong. When the Housing Market is in good shape, we typically see a good economy.