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Before we look ahead to what 2020 will bring, let’s review 2019, which ended with a bang. Sales volume was up almost 11%! Demand was fueled by low interest rates and high employment nationwide. That being said, prices only increased by about 2.5%.
Strict lending requirements continued to constrain prices and even resulted in some low appraisals. Where are we today? Right now, we have three months’ worth of inventory, though more sellers are expected to list their properties now that the holidays are over.
The average days on market is up a bit to 147. Median sales price is around $235,000. Interest rates are expected to remain flat, with conventional loan rates hovering around 3.5% to the lower 3% range. FHA loans may even see rates basking in the high 2% range (I just closed a loan at 2.8%; if you want more information on who that lender was, let me know).
From my perspective, those low interest rates make it the perfect time to buy. Forecasters have been off in the past, and while they expect the low rates to stick around, no one can be certain—jump on them while you can!
Sellers should take advantage of the low inventory in our market. Overall, prices are expected to stay flat, though several zip codes will likely see an increase.
If you have questions about the 2020 market, or you’re interested in buying or selling a home this year, please reach out to me. I’m always happy to provide information and help you achieve your real estate goals.