Feds cut interest rates, but indicates a pause ahead. What does that mean for the Real Estate Market? In this video, I discuss the current housing market for November 2019 and how you should approach it as a Buyer and a Seller as we move into 2020.
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It’s that time of the month where we discuss what is going on in the local real estate market and how that may affect you as a buyer, seller or investor as we move into the Holiday Market. Traditionally, buyer demand slows as does new inventory coming to the real estate market. Will this year be the same?
The easy answer is Yes, the market will continue to slow as move towards the end of the year. Buyer demand will slow regardless of where rates are and new inventory will also slow due to the time of the year. This is a seasonal affect that happens every year and this year will be much the same.
With all of that said, keep in mind. If you are a buyer looking to purchase and you find the perfect home, then now is as good time as any because money is very cheap with interest rates being near 3 year lows. This time of the year, you have less competition which generally means less demand and less of a chance of overpaying.
Sellers should be a little more cautious due to the time of the year. Ideally, the holiday season isn’t the best time of the year to go on the market but there are price points that are still moving. Just make sure you understand the real estate market and your local area so that you have the proper expectations. Home prices under $1M in the Huntington Beach market are still moving when priced at fair market value where the homes priced above $1.5M are taking a lot longer to sell.
I do not believe there is a housing bubble or that we will see a recession in 2020. The fundamentals of the economy are still strong with unemployment around 3.7% and GDP around 2.5%. In my opinion, the market will pick back up starting in 2020 around the super bowl time and continue where it left off this year. I expect another 2-3% appreciation in 2020 with interest rates staying low and continuing to drive buyer demand.
If you are considering buying or selling in this market, please make sure you are speaking with a real estate professional so they can help guide you in the right direction.
If you have questions, please comment below or contact me directly by going to www.jebsmith.net. Thanks for taking the time to watch.
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