Watch Patrick and Viktoria To Learn More
From the December KATV interview with Patrick Dennis and Viktoria Capek
No Headphones. No Problem. See below for transcript.
from the station that's on your side
this is channel 7 news good morning
arkansas
hi everyone welcome back to good morning
arkansas so as the final days of 2020
come to an end
many across the country are eager to
maybe close out this chapter and
bring in the new year of course 2021 is
a year of many unknowns
after much surprises around every corner
you could say in 2020 and one thing
is for sure the housing market at the
very least is
still super hot right now and has
remained hot since the early days of the
pandemic
fueled by historically low rates and a
shift in lifestyles
but will the housing market remain this
incredible in 2021 that's the question
we have here this morning and here to
give us
an understanding on maybe what we can
expect a little bit is patrick dennis
loan officer with the bank of little
rock mortgage
patrick thanks for joining us we know
that the housing market has been
awesome in 2020. what do we think is
going to
impact that in 2021 how do we think
that's going to look
yeah so um thanks for having me and um
in 2020
what we've seen is obviously the
coronavirus impacted all of our lives in
different areas
and the housing market was definitely
hit by that
in your normal seasonal pattern march is
the kickoff for
home sales march and april but as you
know that's when
the coronavirus started kicking in for
us
so it kind of delayed things july it
started getting a little bit
hotter as far as the market goes low
inventory
really kept that rolling in low rates uh
and we were busy up through november
so that being said inventories are still
low
so going into 2021 i i got to see the
same picture until
you know vaccines kick in and people are
really ready to open up their houses and
and get ready to sell
um we'll see if march is that official
kickoff again
wow it'll definitely look interesting to
see what comes
of the next year do you expect the cost
of housing to rise in 2021
you know what we've seen here is a lot
of bidding wars lately
um a house goes on the market due to
that low inventory
uh you get six or seven offers in that
same day on some of these houses
so um that tends to raise prices
um and as those sales go and they're
going over list price
uh they have nothing but to do than go
up this year and that kind of uh
i think that'll still push into 2021
since the inventory is low
and and i think those prices will will
go up um
who knows for how long we'll see we'll
see how that plays out but
um you know the moral of that whole
situation is
be ready be pre-qualified be ready to
jump at any moment because
if you're bidding 200 000 on a house
make sure you're ready to
spend 225 if you get in one of those
bidding wars
and make sure you want to spend that
amount of money as well so getting
pre-qualified is the key to that whole
deal
okay definitely good reminders to keep
in mind there now as a representing
member of the
millennial community i want to know are
millennials playing a
big role in this market right now you
know
you guys are there's no question about
it um you know i think
all generations are taking advantage of
the low rates and the situations out
there
even we're seeing uh gen z um
you know younger people who who were
who are kind of in in apartments and
during this pandemic you're at home
wanting more space uh you know working
at home wanting an
extra room and why not pay yourself
instead of pay the landlord and you know
renting
uh it just makes more sense to go out
there and buy something where you might
have a lower payment than your rent
you got a backyard uh you know just
some place to go rather than sitting in
that apartment but yeah
we see all uh generations either
upgrading or going out there to buy
their first home right now
or at least trying to pretty cool
curious as to what you think about um
the stay at home orders that we've been
having you know you just mentioned a lot
of people are staying at home
do you think that the stay-at-home
orders of covid are going to roll into
2021 as well
i i think they're gonna roll into 2021
and and even beyond that i think we're
just seeing what can happen over
you know what's happened with the
pandemic and and we're changing our
lifestyles i mean people working from
home
obviously i'm working from home um
so uh they're looking for more space in
um
in 2001 i think 15 of uh
people in the united states worked from
home uh in 2018
the numbers went to 25 can you imagine
what they're going to be
21 22 uh you know they're going to be
well above that 25
mark um so they're looking for that
space for an office
they're also looking for you know yards
pools houses with pools or big sales
right now
uh basketball courts we're seeing just
people buying you know
acreage to create their own compound
pretty cool stuff what other shifts in
buying patterns do you think we might
see in 2021
yeah so for us in our sales cycle we're
already in 2021 being in december
of 2020. uh most of the loans that i'm
getting right now
are for january february of of 21.
we're seeing a lot of investment
property um
you know vacation homes uh
land lots on the lake too you know just
things where places where people can go
and they can just drive
um and not fly non-congested
vacation situations you know you're not
seeing people going on cruises or going
to resorts necessarily at right now
but you are seeing them you know i see
people buy lake houses
people buying houses up in the ozarks in
the mountains right now
just some place you can take your family
within driving distance
and still have some social distance but
still have a good time
and why not rates are low it's a good
investment
and it's something you can have long
term yeah and who doesn't love a good
weekend away at a lake house or in a
cabin in the mountains
patrick if viewers at home are
interested in partaking in these low
rates
and maybe want to learn more where can
they reach you guys out to get some help
with all of that
yeah so give us a call at bank of little
rock mortgage where we can be reached at
501
219 9100 also blrmortgage.com
facebook twitter all the usual suspects
there
the usual suspects i love it well
patrick thanks so much for coming on and
reminding us once again that if you want
to maybe buy a house
now is probably the time we'll have more
good morning arkansas on the other side
of this commercial break
