Can you believe we're already 2 months into 2020?! And, we are approaching the Spring Home Market Sales Time. Let's look at what the experts say --
The housing market has started off much stronger this year than it did last year. Lower mortgage interest rates have been a driving factor in that change. The average 30-year rate in 2019, according to Freddie Mac, was 3.94%. Today that rate is closer to 3.5%.
The Census Bureau also just reported the highest homeownership rate since 2014 for people under 35. This is evidence that owning their own home is becoming more important to Millennials as they reach the age where marriage and children are part of their lives.
According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is strong. That’s not the case, however, with seller demand, which remains weak throughout most of the nation. Here's a breakdown by state
Demand for housing is high, but supply is extremely low. NAR also just reported that the actual number of homes currently for sale stands at 1.42 million, which is one of the lowest totals in almost three decades. Additionally, the ratio of homes for sale to the number purchased currently stands at 3.1 months of inventory. In a normal market, that number would be nearly double that at 6.0 months of inventory.
What does this mean for BUYERS:
- Be patient
- Be prepared -- have your loan approved & expect to pay at or higher than asking price.
- Be ready to act IMMEDIATELY once you find the right home
What does this mean for SELLERS:
- Don't wait to put your house on the market. Buyers are here NOW
- Now is the perfect time to sell for greatest value and quick sale
The 2020 real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.
Contact me & I will give you an accurate home price evaluation and anticipated timeline to sell your home. If you are buying, I have access to ALL the info in our areal. Let me show you the Smart Realtor difference!