Many started predicting last year that 2020 would be a year for change in the housing market, which has been good for the last several years. But will we actually see the recession many have feared? Let’s take a look at what the experts expect for this year and whether that will likely lead to a tank in the market.
Mortgage Interest Rates
One of the things to consider is the interest rates on home loans, which have been exceptionally low in recent years. According to market experts at several organizations, mortgage rates are expected to remain stable.
While there might be plenty of demand due to continued low interest rates, if there is limited inventory available, that will keep homes sales from increasing drastically. All of the above experts predict that home sales will increase just a little or remain stable.
The prices of homes are expected to increase by several expert groups, while a few expect a small decline.
What Does it all Mean?
Considering the stability and even some of the improvements predicted for the housing market this year, it looks as though we might not see the recession previously expected for 2020. That’s great news for everyone, but especially if you’re looking to buy or sell.
Please email, text, or call if you want to know more about taking advantage of continued low interest rates on a new home, or need to sell your current home for a good price.
All the best,
Ian Van Kooten, REALTOR
“It’s good to be home.”