Residential real estate & mortgage market year-end update
To say that 2020 was an unprecedented year would still fall short of truly encompassing all that we have endured these past few months. The COVID-19 pandemic has disrupted all facets of life – economically, medically, psychologically, emotionally, spiritually, and financially - the likes of which no one has experienced in their lifetimes. No market wizard could have foreseen how most of 2020 turned out, nor can anyone adequately predict how the remainder of the year might conclude. Despite my over two decades entrenched in the residential real estate and mortgage markets, I too won’t fall prey by attempting to speculate how the markets will act over the next few months. Having experienced first-hand the tumultuous market downturn during the great recession of 2008, steered through the sub-prime mortgage market crash in the late ‘90s, and navigated through the many real estate booms, busts, and bubbles – I thought I had seen it all. Again, nothing is like what we have experienced in 2020.