In this week’s episode, Brian and David talk about silver linings, slim pickings, and skeptical lendings.
This week’s highlights:
- Mortgage rates remain satisfying into the 2nd month of quarantine
- While purchase sentiment is iffy, now is the time to list your home
- Jumbo loans in a COVID world can be a bit of a monster
Unemployment ProspectsComing into the 2nd week of May, the unemployment rate is still astronomical and continuing to affect all demographics. There are currently 23.1 million Americans without jobs who are actively looking for one. For perspective, back in February, the pre-COVID numbers were 5.8 million. A silver lining is that 18 million people reporting think their unemployment will be temporary, and with stay-at-home orders gradually being lifted around the country, people are optimistic.
Feeling good? Thinking about buying a home in the near future? Use Accunet’s ‘How Much House Can I Afford Calculator’ to look up your potential monthly payments, interest rate, and more.
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Purchase Sentiment and a Precipitous DropBrian reported on Fannie Mae’s Home Purchase Sentiment Index for the month of April, gauging the overall economic and emotional attitudes surrounding the current home market. Four major areas of concerns were highlighted:
- What is the average change in your household income in the past 12 months?
- 20% of respondents had a significantly higher change in income
- 21% of respondents had a significantly lower change in income
- 60% of respondents maintained zero to median change in income
- How concerned are you about losing your job in the current market?
- 23% of respondents were concerned about experiencing a job los
- 76% of respondents were not concerned or felt secure in their employment status
- Do you feel now Is now a good time to buy a home?
- 48% of respondents said yes, now is an opportune time to buy
- 46% of respondents said no, now is a poor time to buy
- Do you feel now a good time to sell a home?
- 29% of respondents said yes, now is an opportune time to sell
- 65% of respondents said no, now is a poor time to sell
Ready to begin the listing process? Check out our Learning Center for tips on each step of the homebuying process.