We hope you had a fantastic 2019! We thank Westpark, Fiddyment Farm, & Junction West for Voting us Nextdoor Neighborhood Favorite Realtor for the 2nd Year in a Row! We love our community & are so happy that we get to do a large part of our business here in West Roseville!
As your local real estate resource, we feel it is important to keep you up to date on the real estate market. Even if you aren't Buying & Selling right now, a home is usually one of your Most Valuable Assets & you should monitor it similar to other financial assets.
Below is a breakdown of January 2020 Market Statistics, 2019 Year In Review Snapshot of our local real estate market, as well as 2020 Predictions from some of the most trusted entities in the industry when it comes to mortgage rates, home sales, and home prices for 2020 and forward.
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Overall, we saw a Strong Housing Market in 2019.
This will be an interesting year for residential real estate. With a presidential election taking place this fall and talk of a possible recession occurring before the end of the year, predicting what will happen in the 2020 U.S. housing market can be challenging. As a result, taking a look at the combined projections from the most trusted entities in the industry when it comes to mortgage rates, home sales, and home prices is incredibly valuable – and they may surprise you.
For those sitting on the fence waiting for a good deal, based on the projections you will be waiting a long time. A recession is defined as 2 quarters of declining GDP, this doesn't necessarily correlate with a decline in the housing market or a Housing Crash. The lending practices of the past played a major roll in the last housing crisis, coupled with a declining economy. As of now the economy is flourishing, rates are still at historical lows, and lending practices continue to be held to more stringent guidelines.
Since rates have remained under 5% for the last decade, we may not fully realize the opportunity we have right now.
Here are the average mortgage interest rates over the last several decades:
Projections from the experts at the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), Fannie Mae, and Freddie Mac all forecast mortgage rates remaining stable throughout 2020.
With mortgage rates remaining near all-time lows, demand should not be a challenge. The lack of available inventory, however, may moderate the increase in sales.
Top industry experts all predict positive equity gains for 2020 and beyond.
Mortgage rates are projected to remain under 4%, causing sales to increase in 2020. With growing demand and a limited supply of inventory, prices will continue to appreciate, while the threat of an impending recession seems to be softening. It looks like 2020 may be a solid year for the real estate market.
Interested in Market Update Numbers for another Neighborhood, Zip Code or City, Just Ask ;)
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* All reports are published January 2020, based on data available at the end of December 2019, except for the today stats. All reports presented are based on data supplied by the MetroList MLS. The MetroList MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the MetroList MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed. The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Tedtaotao Home Group does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Tedtaotao Home Group will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.