With Yvonne McFadden
Interest rates remain all-time-low as the impacts of the COVID-19 pandemic wreaks havoc all over the country, while the presidential campaigns gain momentum. On October 16, I locked in a client at a very low rate of like 2.25%, including credit towards closing costs. It’s unbelievable folks. There is no better time to buy a home than now; whether you’re a first-time homebuyer or a move-up buyer.
Overall market overview.
Housing inventory and housing demand continue to pull in opposite directions. This is increasingly pushing prices higher as time moves on. But the good news is that home buying is still affordable, due to the low-interest rates. Experts predict that home prices are likely to continue rising for as long as the inventory remains low. No one knows for how long is this market situation going to last. However, experts are projecting that the market is going to adjust in the last quarter of 2021 or even 2022.
On the other hand, interest rates are projected to continue falling. The Fed has maintained its position that it is going to maintain the low to zero interest rates at the federal level. Although mortgage rates are not tied directly to the activities of the Fed, they are connected indirectly through the stock market is directly affected by the Fed. With the interest rates set to continue dropping, the affordability index is likely to rise, and more people will be able to buy homes. With more and more people buying homes, the housing market is expected to bubble with more activities.
The second The Power Is Now Real Estate Roundtable this month which occurred on October 16, 2020, was hosted by, Yvonne McFadden, who will be the host of the show as we move forward. The show was also attended by other VIP Agents including Jenny Gonzalez and Adriana Montes, representing Corona, CA and Orlando, respectively.
Corona, CA Market Update with Jenny Gonzalez.
According to Jenny, the Corona, CA market is still a hot market. It’s a fantastic market for sellers. Inventory is Corona, CA is still very low. As of October 16, there were 154 available single-family units listed for sale. That is a very low figure considering the 150,000 population in Corona, CA. On the same date, there were 340 pending sales, which is almost double the number of listings. For the last 30 days, there were 225 closed escrows in Corona, CA. However, due to the high demand, homes are going really quick if they’re priced well.
Orlando Market Update with Adriana Montes.
According to Adriana, homes in Orlando continue to fly off the market this fall, as housing inventory remains tight. Data from September 2020 reveal that there are few homes for sale in Orlando while the prices are high compared to 2019. There is a 23% decline in housing inventory whilethere is a 10% increase in median home price ($270,000) in Orlando.
In Orlando, spring is the time for the housing market, but fall seems to show no signs of a slowdown in housing activities. “It seems like COVID-19 changed the real estate dynamics in 2020,” Adriana says.
Generally, Orlando real estate market is currently a seller’s market. “Our days of market right now is 48,” Adriana says. “Which has gone done since August when it was 51.”
As of now, there is no sign of a market slowdown in Orlando. All the indicators are showing signs of growth. Home sales have gone up by 23% in September 2020 compared to the same time last year. Conclusively, Adriana emphasizes that this is a great time to buy and sell real estate in Orlando.
Indeed, folks, there is no better time to buy real estate than now. Take advantage of the current market situation and secure your future by buying a home now. You can watch the whole show here.
At The Power Is Now, we’re committed to keeping you up-to-date with what is happening around the real estate market across the U.S. We also continue to advocate for advocate homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. In this regard, we have a team of professional realtors— VIP Agents stationed nationwide to help you with anything you need in attaining your homeownership dreams. You can get in touch with the VIP Agents at https://www.thepowerisnow.com/vipagentsservices/. If you can’t find an agent from your area, you can contact me directly for a referral. Also, ensure you stay updated with any developing real estate market news by regularly checking our blog page at https://www.thepowerisnow.com/blog/. You can also set up an appointment to speak directly to me at https://calendly.com/thepowerisnow/ericfrazier.
Disclaimer: The views and opinions of Eric Lawrence Frazier are his own and do not necessarily represent First Bank or any organization affiliated with Eric Lawrence Frazier, or the Power Is Now Media Inc. First Bank is an Equal Credit Opportunity Lender. Eric Lawrence Frazier, MBA, is also a Vice President and Mortgage Advisor with First Bank. NMLS#461807 and a California Licensed Real Estate Broker DRE# 01143482. Email: Eric.frazier@fbol.com. Ph: 714- 475-8629.
Eric Lawrence Frazier MBA
President and CEO
The Power Is Now Media Inc.
