HOUSING MARKET 2020

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  • #67188
    mrstaylor
    Member

    I started my NACA journey mid last year and was hoping to close by may this year. Well we haven’t been qualified so I’m praying for end of this year or early next. With economy being what it is due to Covid has anyone noticed a change (specifically a decrease) in housing prices yet in their areas? I’m hoping that’s the silver lining in all of this.

    #67231
    TTrumble
    Member

    Hello mrstaylor,

    A lot of “experts” are predicting housing prices to fall at some point as a result of the pandemic, but when, how much, etc. is anybody’s guess.

    There are a few signs that may be starting to happen, but if they are any indication, it will be a slow decline, not a sudden plunge like in 2008. For example, here in Charlotte, NC where I’m based, housing prices haven’t gone down, but the increase in prices here has slowed down considerably. Since the biggest effect of the pandemic has yet to be felt where housing is concerned, it suggests falling prices will occur at some point. Just like everything else with this whole virus mess, it’s all uncharted territory, so nobody can say for sure.

    All we can really do at this point is ride it out and see what happens.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 7 months, 1 week ago by TTrumble.
    #67249
    mrstaylor
    Member

    Thank you for your insight Tim. I also like the emphasis on β€œexperts” πŸ˜€ We are uncharted waters for sure, whether the bubble will slowly deflate or just burst entirely… I guess we’ll find out!

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