Now that we’re a month into the new decade, it’s time for us to share our predictions about what this year’s real estate market holds.
Inventory will likely remain low throughout the year. We saw low inventory last year as well, and this will continue — especially in the lower price ranges. Demand is still incredibly high, and competition will be fierce among first-time homebuyers.
As we head into the spring season, we anticipate that homes will spend fewer days on the market before they’re sold. In fact, the number of days on market may be as low as 10 to 15.
Interest rates may rise a bit, ending up somewhere around 4%. Appreciation has been rising as well, but we believe the rate is going to slow down before the end of the year. This will likely occur because some homebuyers will be priced out of the market.
Since 2020 is an election year, we’ll likely experience some hesitancy in the real estate market. During election time, there’s bound to be a slowdown in home sales.
If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.