Mortgage Market Update

The Pros and Cons of For Sale By Owner

Most sellers want top dollar for their house, and in an effort to increase their profits turn to the For Sale By Owner (FSBO) model to avoid paying realtor commissions. Interestingly, Zillow has found that 36% of sellers attempt to sell their homes themselves; but ultimately only 11% end up selling their home without a real estate agent. Remember that with an agent, you're tapping into his or her market expertise, vast network of potential buyers, listing and marketing services, and negotiating skills.1

Foreclosure Relief Is Extended

The coronavirus has hit American families hard, and between layoffs and furloughs, many have struggled to pay their mortgage and are at risk of losing their homes during the pandemic. But there is relief ahead, thanks to the Federal Housing and Finance Agency's extension of the moratoriums on Fannie Mae- and Freddie Mac- backed mortgages for single-family foreclosures and real-estate owned (REO) evictions. These moratoriums will help keep a roof over the heads of 28 million homeowners until at least December 31.2

Sources: 1Zillow, 2FHFA