What to expect for the housing market this year.
If you plan on buying or selling your home this year, then you may be worried about the state of the housing market. According to real estate experts, here are some of the trends that you should expect to see in 2020.
- Mortgage Rates Will Stay Low
Towards the end of 2019, mortgage rates were hovering around 3.75%–about 1% lower than they were in at the end of 2018. Experts anticipate that mortgage rates will remain low in 2020, probably staying between 3.7% and 3.9%. For homeowners, this means that now is a great time to refinance your mortgage. Homebuyers should jump on this opportunity to get a great deal on their dream home.
- Home Prices Will Rise
Real estate experts also predict that home prices will continue rising. By next September, we could see prices increasing as much as 5.6%. This continued price increase is the result of fewer listings on the market and decreased residential construction. Without competition to keep prices low, home sellers have the luxury of setting higher price tags on their properties.
- Fewer Opportunities to Buy
As previously mentioned, there will be fewer homes on the market throughout 2020. This is because the historically low mortgage rates are encouraging homeowners to stay put for longer. With the housing market tight, it will be difficult for homeowners to find available properties.
These are some of the major real estate trends we should expect to see this year. Do you need help buying or selling your home in 2020? Then contact the experts at Brighton Escrow. Serving the Hermosa Beach area, we are ready to offer you the top-tier escrow service you deserve.