New Home Listings are down nearly 45% nationwide and Zillow forecasts a 2-3% decline in home values in 2020. Is a market crash coming? In this video, I discuss the recent home listing numbers as well as Zillow forecasts and give you my take on what all of this means for the real estate market.
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New listings fell nearly 45% nationwide in April, as well as asking prices flattening, buyer demand declining and homes staying on the market longer, according to a new report from realtor.com. Should you be concerned or was this expected based on the stay at home orders that were in place?
What is Zillow predicting for home prices in 2020?
Zillow is predicting that home prices will fall 2-3% in 2020.
As a comparison, home prices dropped just more than 27% nationally during the Great Recession of 2008.
Zillow is also predicting a very fast 50-60% decline in home sales but expect a recovery after spring into 2021.
They go on to say “Housing fundamentals are strong — much more so than they were leading into the Great Recession — and that bodes well for housing in general,” said Svenja Gudell, Zillow’s chief economist. “Despite the difficulties, we’re seeing several signs that there is still a good amount of demand for housing, and buyers, sellers and agents are growing more comfortable moving transactions forward where possible.”
What do you think about the real estate market? Do you have questions about buying, selling or investing during this current epidemic? If so, comment below or reach out to me directly.
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