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Are Forbearances Going to Cause a Market Crash? (April 2021 Housing Market Update)

April 16, 2021 By Tami Savage

Transcript:

Are forbearances going to cause a market crash?

Hi, I'm Tami Savage with eXp Realty.

As of February 14th, it looks like we're in pretty good shape based on the information from The Mortgage Bankers Association.

84% of people who entered into forbearance are either out of forbearance or working through it to set up repayment plans.

Of that 84%, 50.8% have paid off their mortgage. 33.6% have worked out a repayment plan, which leaves us with 15.6% that are still in trouble.

It's important to understand what's happening with forbearances.

Since May, the numbers have continued to go down.

And as of April 12th, 4.66% of all mortgages are still in forbearance.

We keep hearing all this information in the news about how we're going to crash because the number of forbearances is so high.

But if you look at the real facts, that just isn't true.

In fact, in 2021 the experts are forecasting on average an increase of 5.9% appreciation in home prices for 2021.

Americans' seem to be concerned because of the scary headlines saying the market is going to crash due to home prices increasing so quickly.

However, if we compare the average price in home appreciation from 2002 to 2005 leading up to the 2008 crash, the average annual appreciation was 10.3%.

If you look at now, from 2017 to 2020 the average annual appreciation for home prices is only 6.3% which is drastically less.

It's a very different situation today than back in 2008.

And it's easy to listen to the news, but it seems there is a lot of hype and negativity around what is happening
which is just not based on the actual facts.

I'm Tami Savage with eXp Realty, Your Key to a New Lifestyle.

I'd love to help so don't hesitate to reach out.

Thank you for watching, and make it a great day.

Tagged With: For Buyers, For Sellers, Forbearances, Foreclosures, Housing Market Updates, Video

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๐Ÿก ๐†๐จ๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐ž๐ฒ๐ž ๐จ๐ง ๐š ๐ง๐ž๐ฐ ๐ก๐จ๐ฆ๐ž ๐ญ๐ก๐ข๐ฌ ๐Ÿ๐š๐ฅ๐ฅ? ๐Ÿ‚
Competition is fierce, but I've got your back! Get pre-approved to stand out from the crowd.

๐–๐ก๐ฒ ๐๐ซ๐ž-๐€๐ฉ๐ฉ๐ซ๐จ๐ฏ๐š๐ฅ ๐Œ๐š๐ญ๐ญ๐ž๐ซ๐ฌ
1๏ธโƒฃ It sets your budget, so no guesswork.
2๏ธโƒฃ It tells sellers you mean business.

Ready to make it happen? DM me! ๐Ÿ“ฉ

Article: https://tamisavage.com/beginning-with-pre-approval/
๐Ÿก ๐‘๐ž๐ฆ๐จ๐ญ๐ž ๐–๐จ๐ซ๐ค + ๐‡๐จ๐ฎ๐ฌ๐ž ๐‡๐ฎ๐ง๐ญ = ๐„๐ง๐๐ฅ๐ž๐ฌ๐ฌ ๐๐จ๐ฌ๐ฌ๐ข๐›๐ข๐ฅ๐ข๐ญ๐ข๐ž๐ฌ! ๐Ÿก
Work from your couch? That's great news when you're in the home-buying game! ๐Ÿ›‹๏ธ๐Ÿ’ผ
Expand your horizons and find a space that not only says 'home' but also screams 'perfect workspace.' ๐ŸŒ 
๐Ÿ‘‡ DM me and let's unlock your dream lifestyle! ๐Ÿ—๏ธ

Full Infographic: https://tamisavage.com/how-remote-work-helps-with-your-house-hunt-infographic/
๐Ÿก ๐˜๐จ๐ฎ๐ซ ๐‡๐จ๐ฆ๐ž, ๐˜๐จ๐ฎ๐ซ ๐‘๐ฎ๐ฅ๐ž๐ฌ! ๐Ÿ“œ
Owning a home is more than just an investment or dollars & cents; it's a life upgrade!

๐ŸŽจ ๐…๐ซ๐ž๐ž๐๐จ๐ฆ ๐ญ๐จ ๐ƒ๐ž๐œ๐จ๐ซ๐š๐ญ๐ž, ๐‚๐ซ๐ž๐š๐ญ๐ž, & ๐Œ๐จ๐๐ข๐Ÿ๐ฒ ๐Ÿ› ๏ธ
You wanna paint that living room lime green? Go for it!
Want a glass front door instead of solid wood? Change it!
Want to knock down a wall or add a home office? You can!

๐Ÿ‘ช ๐…๐š๐ฆ๐ข๐ฅ๐ฒ ๐‚๐จ๐ฆ๐ž๐ฌ ๐…๐ข๐ซ๐ฌ๐ญ
A home is the perfect place to watch your kids grow and make lasting memories. More importantly, it adds stability!

๐Ÿ˜๏ธ ๐‚๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐ญ๐ฒ ๐‚๐จ๐ง๐ง๐ž๐œ๐ญ๐ข๐จ๐ง
Neighbors aren't just the folks next door; they're your support system.

Ready to make the move and enrich your life? Holler at me anytime! ๐Ÿ“ฒ

For more Insights: https://tamisavage.com/the-many-non-financial-benefits-of-homeownership/
๐Ÿ’ผ ๐‘๐ž๐ฆ๐จ๐ญ๐ž ๐–๐จ๐ซ๐ค = ๐Œ๐จ๐ซ๐ž ๐‡๐จ๐ฆ๐ž ๐Ž๐ฉ๐ญ๐ข๐จ๐ง๐ฌ! ๐Ÿก ๐‹๐ž๐ญ'๐ฌ ๐‚๐จ๐ง๐ง๐ž๐œ๐ญ ๐ญ๐ก๐ž ๐ƒ๐จ๐ญ๐ฌ!

Remote work isn't just about Zoom calls in PJs. It's an opportunity to change your entire home search game!

๐Ÿ’ก ๐…๐ฅ๐ž๐ฑ๐ข๐›๐ข๐ฅ๐ข๐ญ๐ฒ = ๐Œ๐จ๐ซ๐ž ๐Ž๐ฉ๐ญ๐ข๐จ๐ง๐ฌ
Think bigger yards, extra rooms, and maybe even a lower cost of living! ๐ŸŽ‰

Curious? Call, text, or email me, and let's talk! ๐Ÿ“ฒ

๐Ÿ‘‰ Blog Link for all the ins and outs: https://tamisavage.com/remote-work-is-changing-how-some-buyers-search-for-their-dream-homes/

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๐Ÿก Wondering if Nowโ€™s the Right Time to Sell? ๐Ÿก Wondering if Nowโ€™s the Right Time to Sell? Your Home Equity Might Just Be Your Ace! ๐Ÿก

Equity = Your Home's Value - What You Owe. ๐Ÿค‘ And here's the kickerโ€”nearly 70% of homeowners are sitting pretty with significant equity. So if you've been holding off selling due to mortgage rates, this could be your game-changer!

๐Ÿ“ฒ Got questions about your home equity? Donโ€™t hesitate to call, text, or email me anytime!

๐Ÿ‘‰ Want the full scoop? Check out my latest article on how your home equity can offset affordability challenges: https://tamisavage.com/your-home-equity-can-offset-affordability-challenges/
Regardless of rising mortgage rates, the desire fo Regardless of rising mortgage rates, the desire for dream homes remains strong! ๐Ÿก Buyers are actively searching, eager to find their perfect match. โ 
โ 
If you've been waiting in the wings, it might just be your time to shine.  No need to hit pause for fear of silent echoes. The marketplace is humming and ready for your listing!โ 
โ 
Ready to spotlight your home? Letโ€™s get you connected with eager buyers!โ 
โ 
https://tamisavage.com/plenty-of-buyers-are-still-active-today-infographic/
Puzzling over why finding the right house seems so Puzzling over why finding the right house seems so challenging lately?โ 
โ 
1๏ธโƒฃ ๐“๐ก๐ž ๐๐ฎ๐ข๐ฅ๐๐ž๐ซ'๐ฌ ๐๐š๐œ๐ค๐ฅ๐จ๐ : We've seen fewer homes built in recent years. And while builders are stepping up the pace, bridging the home gap is taking time. ๐Ÿ—๏ธโ 
โ 
2๏ธโƒฃ ๐Œ๐จ๐ซ๐ญ๐ ๐š๐ ๐ž ๐‘๐š๐ญ๐ž ๐Œ๐š๐ ๐ง๐ž๐ญ: Many homeowners are glued to their spots, not wanting to let go of their attractive mortgage rates. ๐Ÿ’Žโ 
โ 
3๏ธโƒฃ ๐Œ๐ž๐๐ข๐š ๐‡๐ฒ๐ฉ๐ž: Sometimes, the media's spin can create unnecessary housing apprehensions. Always good to double-check and get the real story!โ 
โ 
So, whether you're aiming to buy, sell, or both, understanding today's housing scene is crucial. ๐Ÿ—๏ธโ 
โ 
Eager to dive deeper? Contact me for a personalized look at the housing inventory in our area, and let's navigate the maze together! โ 
โ 
For a more detailed breakdown: https://tamisavage.com/why-is-housing-inventory-so-low/
Has your trusty home started feeling a tad too... Has your trusty home started feeling a tad too... familiar? If you're toying with the idea of a change, you're in good company!โ 
โ 
๐‡๐ž๐ซ๐ž'๐ฌ ๐ญ๐ก๐ž ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง-๐๐จ๐ฅ๐ฅ๐š๐ซ ๐ช๐ฎ๐ž๐ฌ๐ญ๐ข๐จ๐ง: To buy or to rent next?โ 
โ 
๐Ÿ” Consider the following:โ 
โ 
1๏ธโƒฃ Rent Rise Alert! Historically, rents have been climbing. Yearly hikes? That could put a dent in your retirement fund! Freddie Mac puts it beautifully: With fixed-rate loans, you're locking in a predictable monthly expense, even when life throws those sneaky financial curveballs.โ 
โ 
2๏ธโƒฃ Home Sweet Owned Home! AARP highlights a key truth: Owning a home often outweighs renting. Think stability, investment growth, and truly owning your space.โ 
โ 
Baby boomers, if you're on the fence, reach out! ๐Ÿ’ฌ Let's discuss what makes sense for your golden years and unlock the best path for your next home adventure. ๐Ÿกโ 
โ 
https://tamisavage.com/should-baby-boomers-buy-or-rent-after-selling-their-houses/
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