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Feeling unclear about the housing market or which direction to plant your orchids and philodendron in these unprecedented times?\u00a0 Not to worry.\u00a0 Up or down?\u00a0 The answer is yes.<\/p>\n
Record low-interest rates low inventory are driving market activity.\u00a0 According to the latest FreddieMac Quarterly Forecast<\/em>, mortgage interest rates have fallen to historically low levels this spring and they\u2019re projected to remain low. This means there\u2019s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.<\/p>\n There\u2019s a very positive outlook on interest rates going forward, as the\u00a0projections<\/a>\u00a0from the\u00a0FreddieMac\u00a0<\/em>report indicate continued lows into 2021:<\/p>\n \u201cGoing forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.\u201d<\/em><\/p><\/blockquote>\n With mortgage rates hovering at such compelling places, ongoing\u00a0buyer interest<\/a>\u00a0is bound to keep driving the housing market forward. Rates also reached another record low last week, so homebuyers are in what\u00a0FreddieMac<\/em><\/a>\u00a0is identifying as the buying mood:<\/p>\n \u201cWhile the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009.\u00a0Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood<\/strong>. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.\u201d<\/em><\/p><\/blockquote>\n There\u2019s no doubt that even though buyers are ready to purchase, it\u2019s hard for many of them to find a home to buy today. Mortgage rates aren\u2019t the only thing hovering near all-time lows; homes available for sale are too. With housing inventory as scarce as it is today \u2013 a nearly 20% year-over-year decline in available homes to purchase \u2013 keeping buyers in the purchasing mood may be tough if they can\u2019t find a home to buy\u00a0(See graph below):<\/em> Competition is hot with so few homes available for purchase and low mortgage rates are helping to drive affordability as well. Getting\u00a0pre-approved<\/a>\u00a0now will help you gain a competitive advantage and accelerate the homebuying process, so you\u2019re ready to go when you find that perfect home you\u2019d like to buy. Working quickly and efficiently with a\u00a0trusted<\/a>\u00a0real estate professional will help put you in a position to act fast when you\u2019re ready to make your move.<\/p>\n If you\u2019re thinking of selling your house, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today. Selling now before other sellers come to market in your neighborhood this\u00a0summer<\/a>\u00a0might put your house high on the list for many buyers. Homebuyers are clearly in the mood to buy, and with today\u2019s safety guidelines and precautions in place to\u00a0show your house<\/a>, confidence is also on your side.<\/p>\n<\/div>\n![\"Homebuyers](\"https:\/\/files.mykcm.com\/2020\/06\/19071133\/20200622-MEM-ENG.jpg\")
<\/a><\/p>\nWhat does this mean for buyers?<\/h4>\n
What does this mean for sellers?<\/h4>\n