New predictions about the housing market in a post-pandemic America

New predictions about the housing market in a post-pandemic America

New predictions about the housing market in a post-pandemic America
In a new report forecasting the future of the housing market once the pandemic is over in the U.S., Redfin Chief Economist Daryl Fairweather highlights some impending changes on the horizon. Among the trends noted in his “Five Ways the Housing Market Will Change After the Pandemic,” report, Fairweather says there are five main areas to be on the lookout for.

First, he notes that home values will continue to rise as the economy recovers but at a slower pace. Secondly, it is anticipated that many more people will list their homes for sale as fear of the coronavirus dwindles. Many workers will become nomads, giving up permanent homes in favor of frequent travel as their jobs allow remote working. Refinance are expected to decline if mortgage rates creep up. And those looking to buy will flock towards condos and smaller more manageable homes that can be used as investments or vacation homes.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.