It’s the question on everyone’s mind, what is the real estate market going to do next year? While there is no crystal ball, there are a lot of predictions based on cycles, previous years, and future forecasting. We asked the folks at Realtor.com what their predictions for the upcoming year were, and here is what they had to say and our take on what that looks like for our community.
What is ahead for the Real Estate Market in 2020?
2020 National Housing Market Predictions from the Realtors Association
· Prediction: Home price growth will flatten, with a forecasted increase of 0.8 percent. John L Scott Anacortes Team: We are already seeing that here in Anacortes with a median home sales price a little lower than this time last year.
· Prediction: Inventory will remain constrained, especially at the entry-level price segment. John L Scott Anacortes Team: Again, here in Anacortes we are following the national trend with inventory continuing to decline.
· Prediction: Mortgage rates are likely to bump up to 3.88 percent by the end of the year. John L Scott Anacortes Team: While that is increase, it is still a great interest rate.
· Prediction: Tight inventory and rising mortgage rates will lead to dropping sales. John L Scott Anacortes Team: Of course this can be good news for home owners looking to sell as the competition is low and rising rates push home buyers to beat the trend.
· Prediction: Buyers will continue to move to affordability, benefiting mid-sized markets. John L Scott Anacortes Team: Here in Anacortes we continue to see many people leaving larger metropolitan areas, particularly Seattle, Los Angeles and the Bay Area, to find a better quality of life here in the North Sound region.
Want a more in-depth conversation about the Anacortes real estate market? Let’s chat! Contact us to learn more and have an analysis done of your home.