Lawrence Yun President of NAR Market Update

After 60 days, the new now has settled in. Lawrence Yun has a calm prospective of the Housing Market for the rest of 2020. Here is an excerpt from his recent conversation with Brian Buffini. The real estate hit a pause button and we are now seeing buyers and sellers coming back to the market.

“I think the first couple of weeks, there was a degree of shock factor.” – Dr. Yun

“What I am seeing in recent weeks, the past couple of weeks, is that buyers are slowly coming back to the market. They’re a little disappointed on the lack of inventory, but 70 percent of the workforce with secure employment they’re looking at historically low mortgage rates and they’re just looking for the right home that meets their needs.” – Dr. Yun

“I think people would be surprised to see how much activity is actually going on in the market in real world terms.” – Brian Buffini

“Trying to purchase a home and get the deal done is far safer than visiting grocery stores.” – Dr. Yun

“When we survey potential buyers and potential sellers, they are indicating that they are not out of the market, but simply delaying the entry point. They just want an all-clear signal from the Governor before reentering the market.” – Dr. Yun

“There’s no panic among home sellers.” – Dr. Yun

“Buyers are acting normal; sellers are acting normal.” – Dr. Yun

“There is still a great desire for people to buy, for people to sell and for people to own a home.” – Brian Buffini

“I anticipate, for the year as a whole in 2020, the sales activity will be down about 10 percent to 15 percent.” – Dr. Yun

“I think that home prices will not decline because of the inventory shortage that we have. There is no expectation by the buyers for any big discount.” – Dr. Yun

“Going into 2021, we have all this pent-up demand. I think the sales will increase about 15 percent and the price is rising 3 to 5 percent.” – Dr. Yun