The housing market has been in a state of flux for the past few years, with prices fluctuating and buyers and sellers uncertain about the future. This uncertainty has been compounded by the COVID-19 pandemic, which has caused massive economic disruption and caused many people to rethink their housing plans. However, one person who is confident that the worst is yet to come is Compass CEO Robert Reffkin.
Reffkin recently made a bold prediction that the fourth quarter of 2020 will be the lowest point of the housing market. He believes that the market will begin to rebound in 2021, but that the fourth quarter of this year will be the most difficult period for buyers and sellers.
Reffkin’s prediction is based on a number of factors. First, he believes that the current economic downturn has caused many people to delay their home purchases. This has led to an oversupply of homes on the market, which has caused prices to drop. Additionally, Reffkin believes that mortgage rates are likely to remain low for the foreseeable future, which could make it easier for buyers to purchase homes.
Reffkin also believes that the fourth quarter of 2020 will be a time of great opportunity for buyers. He believes that prices will be at their lowest point, making it a great time to purchase a home. Additionally, he believes that mortgage rates will remain low, making it easier for buyers to finance their purchases.
Reffkin’s prediction is not without its critics. Some experts believe that the housing market will continue to decline throughout 2021, and that prices may not begin to rebound until 2022 or later. Additionally, some experts believe that mortgage rates may not remain low for long, making it difficult for buyers to finance their purchases.
Regardless of what the future holds, Reffkin’s prediction is an interesting one and one that should be taken seriously by those looking to buy or sell a home in the near future. If his prediction proves correct, then now could be a great time to purchase a home before prices begin to rise again. On the other hand, if his prediction proves incorrect, then buyers should be prepared for prices to remain low throughout 2021.
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