Thanks to recent data from Fannie Mae, we know that consumer home buying sentiment dropped during July After two straight months of increases following the onset of Coronavirus in March.
The real estate market across the United States, especially in Austin, is still strong but, with home purchase sentiment down more than 19 points compared to the same time last year. This is a cause for concern among some industry professionals that are watching the direction of the market closely.
What’s Next For The Real Estate Market?
Even though mortgage interest rates have never been lower, the reality is that for most consumers, they are pessimistic about buying a home right now. This has to do with the ongoing threat of coronavirus combined with potential economic instability in the United States.
What makes matters worse is that Congress has not passed any type of relief bill similar to the Cares Act and this means that we could potentially see hundreds of thousands of people across the United States facing eviction and foreclosures because there are no protections available for them.
A consumer’s home buying sentiment has everything to do with what they see happening economically and socially.
2020 has been a tough year for home buyers on many fronts because, not only has coronavirus impacted the real estate market, we’ve also seen many other problems across the board including social problems as well.
When you combine all of the above with an upcoming presidential election, this adds even more instability into the mix and it’s easy to see why many people are apprehensive about buying a home right now and are considering delaying their home-buying decisions until the next year.
Contact Real Estate In ATX
For more information about what’s happening with the Austin Texas real estate market, or to speak with me about buying or selling a home in the ATX area, contact me today by clicking here.