SHOULD I SELL MY HOUSE IN 2020? | Market Update August 2020

Brittany Hannon Real Estate | KW West Ventura County
Realtor Specializing in Oxnard Beach Homes

BrittanyHannonRealEstate.com
BrittanyHannonRealEstate@gmail.com
‭Text Me 805.620.7139‬
DRE 02102614

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Special thanks to Keeping Current Matters
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What does the market look like in August 2020?
We are seeing homes fly off the market
Supply and Demand
We have so many buyers securing their loans at low rates and need to buy
Sellers are hesitant to come on the market due to factors of covid, buyers coming in and out of their house
This is driving prices up, with houses selling for significantly over asking price
Why are buyers buying?
Interest rates are so low that they are basically giving you money to stimulate the economy.
For the same monthly payment, you can buy a high priced house.
The right time to buy a house is the right time for you
If you are planning to stay in your house for 10 years or more, then now is a great time to buy
If you are trying to move in 3 years, you may need to wait longer to make your money back if there is a dip in the economy.
As long as you understand that, now is a great time to buy.
Are people even looking?
Showing times were down in March and April, but are up above what they were before COVID
There are buyers wanting to see houses, sellers are letting buyers into their home
We are wearing masks and gloves and taking necessary precautions to make sure everyone in the transaction stays safe and healthy.
Forbearance?
There are a number of people who have taken advantage of forbearance.
People are stopping payments for a time. Typically the full amount is due after 3-6 months
There are things you can do to avoid foreclosure after forbearance
Extend your forbearance
Modify your loan
Sell your home
Pay off the loan and transition into something that better meets your needs.

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