Next year’s home sales are predicted to be the strongest since 2005, rent growth should make up for what it lost in 2020 and home values should reach 10% Y-O-Y growth by November.
Despite federal and local efforts to halt foreclosures and evictions during a global health crisis, losing a home has become a real threat facing millions of Americans.
Just as clothes go in and out of fashion, so do real estate trends. 2020 saw its fair share of new ways to shop for homes, high levels of demand, and even a few myths busted, according to Zillow. Here are some key takeaways from real estate in 2020.
Real estate investors in the third quarter of 2020 have purchased and flipped 57,155 single-family homes and condominiums nationwide, according to the latest ATTOM Data Solutions Home Flipping Report.
Mortgage rates have continued to drop for several months, contributing to a red-hot housing market with buyers hoping to take advantage of the low rates. A recent survey from Freddie Mac shows rates have hit a new record low.
Fifty-nine percent of new single-family rental home residents relocated from urban residential environments in the third quarter.
Growth rates in expensive cities remain negative but are improving.
NMHC’s latest report on nationwide rental collections comes weeks before the CDC’s nationwide eviction moratorium expires.
Industry groups are eyeing the potential for attaching relief funding to a spending bill needed to avoid a government shutdown.
Home prices look like they will continue to rise in 2021 according to realtor.com, but at a slower, more normal pace than they did in 2020. However, interest rates are slated to rise, as well, creating challenges for first-time buyers.
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