What does 2020 hold for Real Estate? Now that we are past the Holiday Season what should you expect from the Real Estate Market as we head into the Spring Selling Season? Will 2020 be the year that we have a recession, will the “real estate bubble” burst?
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Typically the end of the year brings the lowest amount of inventory and buyer demand due to the Holiday Season. While this year was pretty typical of what we would expect, buyer demand continued to thrive as buyers continued to look for the right home. I personally represented buyers on a few different transactions where there were multiple offers which tells me that buyers are still out in full force.
I expect this trend to continue as we move into our Spring Market which is generally the best market of the year for Southern California Real Estate as that is the time when Sellers start putting their homes on the market and this year should be no different.
I expect inventory to continue rising and buyer demand to stay strong due to key indicators in the market like consumer confidence, low unemployment, high GDP and low interest rates.
If you are a Seller considering putting your home on the market, RIGHT NOW is the best time to start the process as there is less competition in the market and there are still a ton of buyers looking for the perfect home. Keep in mind though, you need to be priced correctly from the start. Those Sellers who are over-pricing their homes will find out the hard way that fair value is what is selling in this market.
As a Buyer, if you find the right home, you should consider writing an offer on it now versus waiting as prices will likely continue up for the next year and with interest rates near all time lows, it’s a good time to take advantage. Those looking for the market to pull back will likely end up waiting for another few years and will also end up paying more money for the home and likely with higher interest rates.
Are you considering buying or selling? Do you have questions about the real estate market or my real estate market forecast / real estate market outlook? Please comment below or contact me directly.
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Other videos you might find helpful:
Housing Market Predictions 2020 – https://youtu.be/fyfdSr66mj4
California Rent Control – https://youtu.be/PUnNTgWlvLk
#1 TIP to get the MOST MONEY for your HOME – https://youtu.be/lhvmQ34MOro
Appraisal vs Home Inspection – What’s the Difference? – https://youtu.be/cwjokWbr1Go