What will 2020 bring in the real estate world? Here is the latest news on how the real estate market will fare in the New Year!
The indicators are predicting that home sales will increase and be a shining star in the economy of 2020. Sales from existing homes and new homes will keep the real estate market on solid ground.
Real estate sales activity are predicted to increase in 2020, contrary to past beliefs that sales would decrease in the coming year. The reason for this could be linked to low mortgage rates.
Inventory still continues to be an issue. There is a shortage of homes to sell in comparison with the buyers out there looking. This is more of an issue with lower-priced homes and first-time home buyers. This means more time to find the house of your dreams.
While predicting the future is never completely accurate, mortgage rates are predicted to creep up slightly but still stay under the 4% mark. This is good news for buyers and can help with their sense of urgency to find a home.
House prices are expected to rise in 2020 but at a slower rate than 2019. It all depends on what housing market you are looking at. Some markets are actually seeing a price drop which may continue in 2020.
Since home prices have risen in the last few years and mortgage rates have stayed lower, the country will see a lot of refinancing in the year ahead.
All in all, 2020 seems like a year of small changes and could look a lot like 2019.
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