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In order to avoid the W-shape curve we need to continually see positive signs. Most experts want to see: 
(a) Purchase applications increasing. Sustaining  the level of growth may not be possible, but we do need to see positive signs compared to last year.
(b) Flowing credit. Underwriter's need to be flexible since credit must flow despite economic chaos.
(c) Stable bond yields. Mortgage rates must stay below 4.5% and bond 10 year yield rates need to be above 0.62%. This will show confidence in the future.
(d) Control of the COVID-19 infection rate. A decrease in COVID-19 cases will require more testing and common sense.
We all hope you enjoyed the holiday. Please remember an appraisal can save you $$$.