{"id":782,"date":"2020-05-14T14:00:32","date_gmt":"2020-05-14T14:00:32","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=782"},"modified":"2020-05-14T14:00:32","modified_gmt":"2020-05-14T14:00:32","slug":"will-housing-market-turn-around-year","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/will-housing-market-turn-around-year\/","title":{"rendered":"Will the Housing Market Turn Around This Year?"},"content":{"rendered":"
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Will the Housing Market Turn Around This Year?<\/p><\/div>\n

Today, many people are asking themselves if they should buy or sell a home in 2020. Some have shifted their plans or put them on hold over the past couple of months, and understandably so. Everyone seems to be wondering if the market is going to change and when the\u00a0economy<\/a>\u00a0will turn around. If you\u2019re trying to figure out what\u2019s going to happen and how to play your cards this year, you\u2019re not alone. This spring in the\u00a02020 NAR Flash Survey: Economic Pulse<\/em><\/a>, the\u00a0National Association of Realtors\u00a0<\/em>(NAR) has been tracking the behavior changes of homebuyers and sellers. In a reaction to their most recent survey, Lawrence Yun,\u00a0Chief Economist<\/em>\u00a0at NAR, noted the beginnings of a turn in the market:<\/p>\n

\u201cAfter a pause, home sellers are gearing up to list their properties with the reopening of the economy\u2026Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.\u201d<\/em><\/p><\/blockquote>\n

What does the survey indicate about sellers?<\/strong><\/h4>\n

Sellers are positioning themselves to make moves this year. More than 3 in 4 potential sellers are preparing to sell their homes once stay-at-home orders are lifted and they feel more confident, which means more homes will start to be available for interested buyers.<\/p>\n

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Potential sellers are making preparations to sell their houses<\/p><\/div>\n

Just this week,\u00a0Zillow<\/em><\/a>\u00a0also reported an uptick in listings, which is great news for the health of the market:<\/p>\n

\u201cThe number of new for-sale listings overall has shown improvement, up 5.9% last week from the previous week. New listings of the most-expensive homes\u2026are now seeing the biggest resurgence, up 8%. The uptick is likely a sign sellers are feeling more confident because of improving buyer demand, as newly pending sales have also jumped up during the same period.\u201d<\/em><\/p><\/blockquote>\n

What does the survey note about buyers?<\/strong><\/h4>\n

The recent pandemic has clearly impacted buyer preferences, showing:<\/p>\n