Housing Market 2020
Posted: March 10, 2020 by Teri Krueger
It looks like we are well on our way to a strong Spring 2020 Housing Market due in part to the lower mortgage interest rates, which are nearly a point lower than they were at this time last year. This is always a good motivator for bringing in more buyers.
Real estate agents nationwide are saying that there are more buyers out there than they would have expected for this time of the year, partly do to the warmer weather, so it has been a very busy start to 2020. According to the National Association of Realtors, January's housing inventory was the lowest it's been in 21 years. The low interest rates, in combination with the high demand and lower inventory could also mean buyers will likely face some competition in their search for a new home. This scenario could end in higher sale prices for sellers. The median sale price for single family housing and new construction in January was up 6.7% from a year ago, including condominiums, according to Redfin, so if you are thinking of listing your home, now is the time act.
In the last ten years, there hasn't been enough new construction to meet demand, and it looks like it is going to continue to be a problem. If you are a buyer and know you want a home, it's probably a good idea to get a head start by setting a budget and knowing how high you are willing to go in case a bidding war ensues. So, talking to your lender and getting pre-approved is a good first step. Also, knowing exactly what would be nice to have in your new home versus what you consider a must-have. While there may not be as many options in homes on the market, they are still out there.
In conclusion, it sounds like it's going to be a competitive and exciting market for sellers, which means that it is the perfect time to list your home. Give us a call today and we will be happy to answer all of your real estate questions and help you come up with a plan for selling your home!