With the housing market seeing unprecedented changes due to the pandemic, many are looking ahead to see what the future might hold. In a new Q&A with HW, Doug Duncan, the Senior Vice President & Chief Economist of Fannie Mae, gives his expert opinion on what to expect.
Duncan remarks that homebuyers have an advantage in many areas, thanks in part to very low mortgage rates. He also highlights the remarkable flexibility lenders have demonstrated in meeting new homebuyer needs during this time. The overall message is buyers have many new options, but they need to take advantage of these opportunities as soon as possible.
Duncan also emphasizes that the pandemic’s effects on the housing market need to be addressed. He notes that, especially in urban areas, people have been relocating in search of space and affordability during these difficult times. He encourages lenders to work with policymakers in order to ensure the continued stability of the housing market.
Most Important Points
• Mortgage rates are very low and lenders are demonstrating a lot of flexibility
• Homebuyers should take advantage of these opportunities as soon as possible
• The pandemic has had much impact on the housing market
• Many have been relocating in search of space and affordability
• Lenders and policymakers should work together to ensure market stability
You can read this full article at: https://www.housingwire.com/articles/fannie-maes-chief-economist-talks-housing-market/(subscription required)
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