Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
Pros Bet on Post-Pandemic Rebound, Survey Finds ☘ Hoey Team ☘ eXp Realty
Dated: April 9 2020
The spring housing market will be slower than normal due to stay-at-home orders by many states and municipalities to control the outbreak of COVID-19.
But the majority of real estate professionals see the slowdown as temporary and are optimistic that a turnaround will occur once social distancing measures are lifted.
As part of this Survey; Barry Hoey with the Hoey Team ☘ eXp Realty was one of those surveyed.
Nearly six of 10 REALTORS® recently surveyed reported buyers were delaying home purchases for a couple of months. Similarly, 57% of real estate professionals said sellers were delaying home sales, according to the National Association of REALTORS®’ Economic Pulse Flash Survey, conducted April 5–6.
“Home sales will decline this spring season because of unique economic and social consequences resulting from the coronavirus outbreak, but much of the activity looks to reappear later in the year,” says Lawrence Yun, NAR’s chief economist. “Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures.”
Indeed, mortgage servicers are also saying they are unconcerned about a flood of foreclosures hampering the housing market since swift actions were taken to offer forbearance options to out-of-work homeowners. Home prices are thus largely expected to remain stable. Seventy-two percent of REALTORS® said sellers have not reduced prices to attract buyers, according to NAR’s Economic Pulse survey.
Real estate professionals are finding ways to work virtually to complete some transactions. The most common tools leveraged are e-signatures, social media, messaging apps, and virtual tours, the survey found.
Property managers are facing rent payment issues as more tenants request delays to making their monthly rent. Nearly half of property managers—46%--reported being able to accommodate tenants who cannot pay rent and 27% of individual landlords reported the same, the NAR survey shows. The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes a provision for eviction prevention as well as small-business loans and grants for assisting the rental market.
As stay-at-home orders to fight the COVID-19 outbreak prevent business as usual, some real estate brokerages have furloughed their agents so that their agents can then take advantage of unemployment aid until the market turns around. On Tuesday, Redfin’s Glenn Kelman announced 41% of the firm’s real estate agents would be furloughed, likely until Sept. 1.
“Today is the worst day for Redfin, but the service being performed by the agents and support staff who will remain is more important than ever,” Kelman noted in a post to its website on Tuesday. “The pandemic will end. … To those who have been asked to leave Redfin today, thank you. I can’t imagine the grief we’ve caused you. I’m sorry we let you down. We’ll fight like wild animals to bring everyone on furlough back.”
NOTE From Barry: As we write this Blog, we are currently negotiating on one of our Hoey Team ☘ listings. Today we had a responsible Virtual first, then in-person viewing of another Naples property. We have a number of deals that will close in the next few days. And we have another Seller looking to sell. So, it is not all doom and gloom by any means. COVID-19 will pass. Be Safe, and lets get through it as quickly as possible. ☘
Article content from our National Association of REALTORS (NAR) Newsletter Magazine, and from other sources including Hoey Team ☘
On this page we are adding a list of Vendors for COVID-19 related items here in SWFL. Please let us know if there is a Vendor / Store we should add: www.VisitCollier.Com Feel free to share with anyone looking.
NOTE for Buyers and Sellers: On our "VIRUS FREE" Hoey Team ☘ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS without any Coronavirus; COVID-19 worries right HERE: ? www.SWFLVRE.com ? ?
For more Real Estate related information as we go throught this COVID-19 experience, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
P.S. --> If You'd like for me to create a regular Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details. We can visit the property and record you a video, or, if you want, we can do a one on one Facebook Live Showing: https://barryhoey.exprealty.com/
Hope Everyone Remains Safe; we are all in this together; and we trust that we will get through this Coronavirus COVID-19 pandemic more united, as one, with as little loss as possible.
Please let Kim or Barry know if we can do anything to help anyone in need here in Southwest Florida, weither it is for you or for a loved one, and we are able to help in a responsible social distncing way, we will certainly do what we can to help.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
“Please Share this and our informational website with anyone who you think the info will help.
Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can.
Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats. Thanks, Barry & Kim ☘”
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