Tuesday, January 21, 2020
What to Expect with 2020 Real Estate Market
All indicators point to a similar real estate market that we saw in 2019. Multiple sources predict that with low unemployment and historically low mortgage rates, there remains a scarcity in housing, especially in the lower priced category. Homeowners are staying put longer and new housing isn't being built because of high cost of materials and shortage of skilled building trades labor. But with prices up so much over the past few years and lack of homes, 2020 is lining up to be another great time to list your home for sale. Realtor.com reports that it is expected that nationally, home prices will flatten out.
What does this mean to your personal situation? While moving up means paying a higher price--potentially--for a comparable home replacement, mortgage rates remain remarkably low and your home SHOULD garner a good sales price and maybe good equity to put on the new home! The problem as indicated earlier in this blog is that there aren't many homes for sale to look at to buy.
Contact me if you want to discuss your personal situation. I can do a free market analysis on your home to see if you have the equity to make a move!
O'Brien & Associates
128 Water St. Boyne City, MI