2020 Expected To Be A Strong Year For The Housing Market
February 26, 2020
February 26, 2020
The supply of homes up for sale in the United States has fallen dramatically, playing into the hands of sellers who are looking for a strong market. According to the National Association of Realtors, the housing inventory for the month of December was just 1.4 million units. That would be the lowest level in about two decades. With demand increasing, sellers are in a stronger position. Low interest rates are also helping buyers afford mortgages and driving up the number of offers that sellers are getting. Let’s take a look at the state of the housing market in 2020 and why this might be the best time for you to sell.
Here are the reasons:
Housing Demand Increasing While Supply Dries Up
While housing units on the market have fallen, the amount of interested homebuyers has spiked. Several mortgage purchase indices, such as the MBA Purchase Index, which tracks the percentage of homebuyers applying for mortgages, have seen huge gains in recent months. This indicates that buyers aren’t waiting for market conditions to change, they are interested in purchasing a new home now. This could partly be due to millennial buyers gaining comfortable employment or starting families.
Low Interest Rates Driving More Buyer Interest
Low interest rates have helped to spur this interest in the market. Buyers are finding it relatively easy to afford financing, and this has provided them with outsized purchasing power. Analysts expect buyers to remain motivated in the coming months, which could keep the housing market hot for at least the first half of the year.
Sellers May Find This Is The Best Time To Sell
Sellers who are interested in putting their home on the market may find that this is the best time to move. The housing market conditions are favorable to sellers right now, but that may not always be the case. In the coming months or years, rates could rise, meaning that it becomes more expensive for buyers to borrow. If that happens at the same time when the housing supply increases, there could be a glut of homes on the market with few buyers to scoop them up. If you are interested in selling your property, this might be the best time in the near future to make a move.
Want to sell your home without having to jump through all the traditional hoops? You don’t have to chat with multiple prospective buyers or spend months sitting down with your real estate agent on the repairs and renovations you’ll need to make. You don’t have to sit at your computer considering the trends of the market and if they’ll move against you. Instead, you can call 4 Brothers Buy Houses. 4 Brothers Buy Houses will purchase your home for cash, as-is. We’ll provide you with a no obligation quote and you can make the decision that best suits your needs. Contact us today and find out how easy selling your home really is.