HOUSING MARKET IN 2020
Updated: Jan 21, 2020
According to the KCM group, one of the biggest challenges facing 2020 is the shortage of homes available for buyers. The interest rates are projected to continue to be low, and as the millennials push to purchase their first homes will in return cause a shortage of homes on the market.
Economist predict that interest rates will average between 3.6% and 3.8% for the coming year. Therefore, buyers are going to be able to continue to take advantage of the low interest rates. This not only includes the millennials jumping on board, but also encourages those that have been renting to consider buying during this time. As predicted, under the current market this should cause homes to “sell like hotcakes.”
Good news for those that are looking to sell in 2020. Homeowners should be able to make higher profits in selling their homes as this rush begins, so for those that are thinking of putting off for a few years you may want to rethink it. Remember the economy is up and down. Just because 2020 is predicted to be a good year, it does not mean that 2021 will be. Interest rates are also in your favor and may not be later so if you are considering selling now is the time.
Finally; hire a real estate agent. Agents can guide you through the process with ease and have superior negotiating skills. It can be costly not to hire an agent as many home-buyers will not negotiate with homeowners as they do not “wish to offend” the owner and simply will not even make an offer. I have personally seen this. Let the agent be the go-between. Then there is the paperwork, which can be confusing and costly if you make mistakes or you do not have it submitted on time. Agents deal with paperwork daily and can help to make the process go smoothly whether you are buying or selling a home.
Bottom-line 2020 is predicted as a win-win situation whether you are looking to purchase or sell a home. For more information: