C. A. R. Economist Predicts Slight Cool Down For Remaining Months In 2021…
California Association of Realtors economist Jordan Levine predicts that between growing inventory of late summer, early fall, and a seasonal slowdown of demand, there could be a slight cool down of the sizzling 2021 housing market for the fourth quarter. According to CAR data, listings were off 40%, from a year ago, and even with a late uptick in inventory we will still be below year over year by about 5%.
In many ways, our housing market has changed, possibly forever, post COVID, as remote work becomes more commonplace and homeowners have more choices in where they live and how they live. It doesn’t appear that the Fed is likely to raise interest rates for the remainder of 2021 and lenders are skeptical that it will even increase in the first half of 2022 depending on how much of a Delta variant wave we end up having this fall/winter. One thing that will cause a slowdown on price increases will be more lender transactions, fewer all cash, therefore more reliance on appraisal values, rather than the mad rush of offers with the appraisal contingency waived.
Please feel free to contact us at Premier Funding Network if you have questions about buying or refinacing your home. 714-283-9900.