The housing market this year has made some historic shifts, due in large part to the coronavirus pandemic. In fact, the pandemic rocked the housing market, leading to incredibly low mortgage rates, hovering around an entire percentage point lower than the previous year.
But along with that, came many new challenges for the housing market. So, where does the U.S. housing market go from here? We wanted to bring in an expert to discuss this topic.
Jacques Poujade has worked in finance and real estate for decades and is an expert when it comes to real estate, and real estate investing. As a managing partner at LendPlus, he has unique insight into the world of lending and real estate, from behind the scenes.
Poujade sat down with us to give us his insight and predictions into the U.S. housing market.
Jacques, how did you get involved in real estate and real estate investing?
Well, I started in finance and financial services more than 30 years ago. I got my start after earning my Master’s Degree in Finance from McGill University. Then, I began my career in finance, with a few different positions that gave me a ton of diverse experiences.
I served in a supervisory position in Coopers & Lybrand, before moving onto the First National Bank of Boston and Zimcor Group.
Tell us about your work with LendPlus.
We are a real estate brokerage and financing firm, and we are not like all the others. The thing is, I personally operate from the standpoint that everyone in this country deserves to have their version of the American dream.
That may sound like a given, but the truth is that many people, whether they’re families or individuals, the biggest barrier to accomplishing that dream is financing their home.
What have you been noticing about the U.S. housing market recently?
We’re definitely in an unprecedented situation, and things have shifted dramatically in short amounts of time. For example, back in February, things were fairly “normal,” but then in March things took a very dramatic turn, related to COVID-19 obviously.
So, I’m paying attention to the fact that things can change very, very quickly, and in dramatic ways.
What is the state of things now?
A lot of the usual activity has bounced back, like in-person showings and other activities that were limited because of the pandemic, so that’s great. But we’re also definitely still in the thick of the pandemic, and the historically low mortgage rates we’ve been seeing reflects that.
Basically, if you’re looking to buy, and can afford to right now, it’s definitely an excellent time to.
Where do you think the U.S. housing market will go from here?
I think mortgage rates will stay relatively low for a while, although they are ticking up just a notch. There is plenty of demand for housing, which is great news, and more people are starting to trust the market again and make moves with listing their properties.
I think from here, things will definitely start to stabilize, but making moves quickly could be a smart thing to do, to take advantage of those low mortgage rates.