2020 has brought a lot of challenges for the real estate market. Not only has this nation been dealing with the current pandemic, but the recent wildfires and storms have also impacted this market. Since mid-March, nearly 400,000 fewer homes have been listed for sale compared to last year, creating less supply for buyers. Before COVID, the number of homes for sale was actually increasing over the prior year. There were 130,000 more listings prior to the pandemic, compared to the same period the year before.
Currently, this market is going through high political and economic uncertainty. Along with low mortgage rates, seller’s confidence has dropped relative to the growing strength of buyer confidence. By the end of December, the hope is for home sales to come close to the levels of last year. If it does not, it will be due to the limited number of sellers listing their homes and not the lack of buyers. Sellers know there is a shortage in supply and an increase in buyer competition, has given them the leverage to cause the fastest listing price growth in more than two years.
This week, in regard to housing recovery, there has been a decline in the South and Midwest regions. The West and Northeast regions have seen an increase in housing recovery. This trend tends to be directly related the spread of COVID-19. Fastest recovery of the market depends on the amount of COVID cases, reopening of counties, and strength of those economies. The regions that seem to be thriving are those in the tech sectors, where buyers and sellers are reconnecting fastest in the country.
Funder One/UBETS is looking to bridge the gap between those selling their homes, and those interested in buying. With this new tech business model, they are looking to make the transaction easier, for both parties, along with its investors. This funding platform has the property tokenized up front, while using UBETS as the source of currency. This creates liquidity and eliminates the debt within 5 years for its members. There is no loan, since the transaction is peer to peer. With the current state of the real estate market, Funder One/UBETS is here to make the mortgage business more convenient for all those involved.