Recently, a group of mortgage experts were surveyed by bankrate.com concerning the direction they expect mortgage rates to change on the heels of the COVID-19 pandemic. Fifty-five percent of the experts surveyed expect rates to go up, twenty-seven percent expect them to go down, and eighteen percent expect them remain the same.
If you were hoping to buy or sell a home, the past few weeks have been especially difficult. Everyone is well aware of how restaurants and other small business are struggling; it’s easy to forget that our local real estate market has been impacted as well.
Jeff Kakos, Owner and Broker at Hanging Gardens Real Estate, told WGRT, “I’m super optimistic about the residential real estate market. Lenders are lending! Interest rates are very low.” Jeff went on to say, “The lack of housing supply and strong buyer demand before the shut down is still true today. Also, new construction costs are very high, so new home supply is not meeting the demand. My prediction is, if everyone gets back to work, residential real estate will still be strong.”
Reporting for WGRT – Marty Doorn