August 2020 Mortgage Market Update - Post COVID Housing Market / Will Rates Go Up Soon?
Inventory
Throughout August we are still seeing a seller’s market. The trend we are seeing right now is that, nationwide, there is just not enough homes to meet the demands of people that are trying to buy. We are seeing appreciation happening that was not expected. We are also seeing a lot more interest in new construction. There are some subdivisions and developments taking place in Shasta county right now, as well as, next year and that a really good news.
Moving Out of the City and Into the Rural Areas
Recently people have been moving out of the suburbs and into areas like Redding where they can get away from the city. They are looking for more space and somewhere where their money will go much further. Here in Shasta County, and other rural areas, we are experiencing that trend and expect that to go on through next year. Many that work for tech companies are being told that they can work from home throughout the rest of the year and possibly indefinitely.
All-Time Low Interest Rates
Rates have been at all time lows and just when you think they are low they continue to go lower. Right now, in August, we are still seeing all time low interest rates. If you haven’t talked to me or looked into your current mortgage, it might be a good time to do that. Going forward we expect to see rates staying in a lower trend possibly through the election.
If there is anything you need from me please let me know. I want to say thank you for all your support through these last few months and I hope you and your family are safe.