Answering homeowners' questions

Ryan Dezember, author of “Underwater: How Our American Dream of Homeownership Became a Nightmare,” discussed the evolving housing market.
3:52 | 07/15/20

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Transcript for Answering homeowners' questions
As our country continues to evolve and change during this pandemic, so does the on housing market. With all the uncertainty that lies ahead, what the housing market landscape will bring. The author of "Under water," Ryan dezember, thanks for being with us. I want to ask, what are the trends we're seeing right now the real estate market and what can we expect in the days ahead? Well, thanks for having me. Houses are hot right now. It's sort of counterintuitive given the unemployment situation we have. But we came into the pandemic with the hottest home construction market since 2006 before the housing crash. You have investors on one hand, you have sort of all these young families that were going to be moving to the suburbs anyway and it's all coming to bear right now and it's made homes really hot. Ryan, our viewers have a lot of questions for you right now. We'll get started with our first one. This one is from Ashley. My name is Ashley from Seattle, Washington. My husband and I sold our home back in March right when lockdown began. We're on the search for a new home with our three small children but we keep getting caught in bidding wars and houses are selling for over asking buyer, is now a buyer's market or a seller's market? Should we continue stay with family and wait it out or should we jump on a house even if it may cost us more? Ashley, that's a very hard question, obviously you've seen it's a seller's market selling your own home in just three days, but again, Seattle was one of the hottest markets in the country for several years. Home prices have basically doubled there since the end of the housing crash, and you have big employers there, Microsoft and Amazon, companies that are poised for whatever comes after the pandemic poised to do well, it's hard to see, you know, people not wanting to live and move to Seattle. Now, as you noted the affordability's an issue, there are bidding wars, big investment companies that buy homes by the thousands to rent out they're buying a lot in Seattle. I wouldn't expect prices to fall at any time in the near future. All right, Ryan, thanks for that. Our next question comes from penny. Take a look. Hi, my name is penny. I'm 52 years old. I live in Syracuse, New York. My husband and I are thinking about moving to Florida to escape the snow, my question is, with Florida being such a hot spot right now for the pandemic, is it the right time to move? Do you think that the pricing would be lower because it's such a hot spot? Well, penny, I don't think the pricing right now will be lower, you know, there's so much pent-up demand. Interest rates are at an all-time lows. You have tens of millions of millennials coming of age, starting families and looking for homes. And as you would move from Syracuse in the north down to Florida in the sun belt, that's generally the way that most of the U.S. Population is moving, so you're going have a lot of competition. The other issue of buying in a hot spot right now, it's not going to be like buying in the past, not a lot of open houses in-person showings are going to be difficult except for anything like a brand-new house. Anything that's occuied will be hard to see. Be prepared to be facetime showings. Or things where you're not in person. People are buying homes site unseen right now. And you know, people are lining up to buy them. Expect competition and expect it not to be like you ever bought a house before. Such interesting and informative bits of advice. We certainly appreciate it all of it, as do our viewers. Ryan, thank you so much for joining us today. Thanks for having me.

This transcript has been automatically generated and may not be 100% accurate.

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