[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f14hl9svgxazhw":3,"$fbwk2pqjjqsc7":39},{"item":4,"previous":27,"next":33},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":25,"updatedAt":26},1705,"have-you-ever-seen-a-housing-market-like-this","Have You Ever Seen a Housing Market Like This?","The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F03174804\u002F20200908-KCM-Share.jpg","The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.\u003C!--more-->\r\n\u003Ch4>\u003Cstrong>Housing Market Recovery\u003C\u002Fstrong>\u003C\u002Fh4>\r\nThe economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F04\u002F22\u002Fkeys-to-selling-your-house-virtually\u002F\">technology\u003C\u002Fa> and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.\r\n\r\nThe result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From \u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fnewsroom\u002Fpending-home-sales-rise-5-9-in-july\">pending home sales\u003C\u002Fa> to \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F08\u002F19\u002Fjust-how-strong-is-the-housing-recovery\u002F\">purchase applications\u003C\u002Fa>, buyers are back in business and homes are selling – \u003Cstrong>fast\u003C\u002Fstrong>.\r\n\r\nAccording to the \u003Ca href=\"https:\u002F\u002Fwww.realtor.com\u002Fresearch\u002Fhousing-market-recovery-index\u002F\">Housing Market Recovery Index\u003C\u002Fa> by \u003Cem>realtor.com\u003C\u002Fem>, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year \u003Cem>(See graph below):\u003C\u002Fem>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F20200908-MEM-Eng-1.jpg\">\u003Cimg class=\"aligncenter wp-image-42969\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F20200908-MEM-Eng-1.jpg\" alt=\"Have You Ever Seen a Housing Market Like This? | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\r\n\u003Ch4>\u003Cstrong>Record-Breaking Mortgage Rates\u003C\u002Fstrong>\u003C\u002Fh4>\r\nHistorically \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F07\u002F15\u002Fmortgage-rates-hit-record-lows-for-three-consecutive-weeks\u002F\">low\u003C\u002Fa> mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.\r\n\r\nWhen rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F08\u002F24\u002Fthe-top-reasons-people-are-moving-this-year\u002F\">more time\u003C\u002Fa> than expected at home this year, and likely beyond.\r\n\u003Ch4>\u003Cstrong>Continued Home Price Appreciation\u003C\u002Fstrong>\u003C\u002Fh4>\r\nOne of the key drivers of home price appreciation this year is historically low \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F07\u002F20\u002Fthinking-of-selling-your-house-now-may-be-the-right-time\u002F\">inventory\u003C\u002Fa>. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.\r\n\r\nThis is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, \u003Cem>EVP of Capital Markets\u003C\u002Fem> at \u003Cem>Quicken Loans\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fthemreport.com\u002Fdaily-dose\u002F07-28-2020\u002Fhome-price-increases-decelerate\">notes\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“The pandemic \u003Cstrong>has not stopped the consistent home price growth\u003C\u002Fstrong> we have witnessed in recent years.”  \u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch4>\u003Cstrong>Increasing Affordability\u003C\u002Fstrong>\u003C\u002Fh4>\r\nEven as home prices continue to rise, \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F09\u002F01\u002Fits-not-just-about-the-price-of-the-home\u002F\">affordability\u003C\u002Fa> is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F09\u002F04\u002Fthe-2020-homebuyer-wish-list-infographic\u002F\">reconsider\u003C\u002Fa> your current house.\r\n\r\nAccording to \u003Ca href=\"http:\u002F\u002Fwww.mortgagenewsdaily.com\u002F08032020_black_knight_mortgage_monitor.asp\">Mortgage News Daily\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly\u003Cstrong> $32,000 more buying power.\u003C\u002Fstrong>”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nWith mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.\r\n\r\n ","\r\nWith mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.\r\n\r\n ","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F20200908-MEM-Eng-1.jpg",false,[17,21],{"id":18,"name":19,"slug":20},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},35,"Mortgage Rates","mortgage-rates","2020-09-08T10:00:41Z","2020-10-30T18:56:40Z",{"id":28,"slug":29,"title":30,"featuredImage":31,"publishedAt":32,"contentType":10,"isVideo":15},1704,"thank-you-essential-workers","Thank You, Essential Workers","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F03163805\u002F20200907-KCM-Share.jpg","2020-09-07T10:00:23Z",{"id":34,"slug":35,"title":36,"featuredImage":37,"publishedAt":38,"contentType":10,"isVideo":15},1706,"the-latest-unemployment-rate-fell-to-8-4","The Latest Unemployment Rate Fell to 8.4%","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F09\u002F08133912\u002F20200909-KCM-Share.jpg","2020-09-09T10:00:08Z",[40,44,48,52,56,60,61,65,69,70,74,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150],{"id":41,"name":42,"slug":43},1,"Uncategorized","uncategorized",{"id":45,"name":46,"slug":47},5,"For Buyers","buyers",{"id":49,"name":50,"slug":51},6,"For Sellers","sellers",{"id":53,"name":54,"slug":55},7,"Foreclosures","foreclosures",{"id":57,"name":58,"slug":59},8,"Infographics","infographics",{"id":18,"name":19,"slug":20},{"id":62,"name":63,"slug":64},11,"First-Time Buyers","first-time-buyers",{"id":66,"name":67,"slug":68},34,"Senior Market","senior-market",{"id":22,"name":23,"slug":24},{"id":71,"name":72,"slug":73},38,"Move-Up","move-up",{"id":75,"name":76,"slug":77},41,"For Sale by Owner","for-sale-by-owner",{"id":79,"name":80,"slug":81},42,"Featured","featured",{"id":83,"name":84,"slug":85},45,"New Construction","new-construction",{"id":87,"name":88,"slug":89},52,"Luxury \u002F Vacation","luxury--vacation",{"id":91,"name":92,"slug":93},53,"Rent vs. Buy","rent-vs-buy",{"id":95,"name":96,"slug":97},80,"Time-sensitive","time-sensitive",{"id":99,"name":100,"slug":101},81,"Outdated","outdated",{"id":103,"name":104,"slug":105},147,"Internal","internal",{"id":107,"name":108,"slug":109},148,"Do Not Autopost","do-not-autopost",{"id":111,"name":112,"slug":113},320,"Inventory","inventory",{"id":115,"name":116,"slug":117},321,"Agent Value","agent-value",{"id":119,"name":120,"slug":121},322,"Affordability","affordability",{"id":123,"name":124,"slug":125},323,"Buying Tips","buying-tips",{"id":127,"name":128,"slug":129},324,"Downsize","downsize",{"id":131,"name":132,"slug":133},325,"Economy","economy",{"id":135,"name":136,"slug":137},326,"Equity","equity",{"id":139,"name":140,"slug":141},327,"Forecasts","forecasts",{"id":143,"name":144,"slug":145},328,"Selling Tips","selling-tips",{"id":147,"name":148,"slug":149},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":151,"name":152,"slug":153},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]