The 3️⃣rd real estate market prediction for the US in 2021 from CoreLogic’s chief economist is that home prices will continue to go up ⬆️ but not as quickly as what we’ve seen recently. Hi, I’m Natasha Carroll with Natasha Carroll Realty. I trust CoreLogic because they base their predictions on data and analytics, not the news. According to CoreLogic Home Price Index, home prices went up 7% in 2020. He expect a continued growth and appreciation in the first half but feels it may slow down just a bit in the second half of the year averaging around 3.4% cumulative growth in 2021 in our National Index. However, in areas or communities where the unemployment rate is lower he feels there could be less appreciation. Areas where unemployment factors rely heavily on travel, hospitality and entertainment and eating out like Las Vegas or Orlando, those areas have been hit harder. So he feels he may see a bit of a decline in those areas.
The homes 🏡 may not appreciate as fast. It’s important to understand the CARES Act and Forbearance. Mortgage Forbearance temporarily pauses mortgage payments to provide relief for individuals struggling financially due to what’s happening globally right now. This is a deferment in payments. It does not mean that you are forgiven of your mortgage for up to 12 months or 360 days. There are various ways to pay back those payments and continue to make payments on your home. So, hopefully, at the end of the term, most individuals’ income has been restored and business as usual. However, there is a possibility of more distress sales at the end of their term which brings up the possibility of more foreclosures. I hope this information was helpful. Be sure to search our YouTube channel, Natasha Carroll Realty, for all four predictions. Give us a call here at any time. We’re always here to help. Have an awesome home buying and selling day.