I’m bringing your 2020 real estate market update, which should benefit both buyers and sellers.
Happy New Year! We are starting out with what looks like a great year in the real estate market. We currently have close to record low interest rates and a relatively low inventory of homes for sale.
From a seller’s perspective, you’ll be able to get an excellent price and a good negotiating position. Sales should be relatively short and houses should sell a bit quicker, at least in the early part of the year. Last year, we started with about 698 homes on the market. This year, we have 504 homes, so it’s a wonderful year to be a seller. If you’re looking to sell, it is not too early to start the process.
The spring market generally begins January 2, though many sellers don’t believe anything sells until March or April. The exciting news is that buyers are in the market already. Beat the March rush!
From the buyer’s perspective, this year’s rates are lower than last January. If you were buying a $300,000 house last year, you could buy a $360,000 house this year with the same payment!
If you’re thinking about making a move, it’s an exceptional year to do so. Interest rates are excellent.
If you have further questions about our current market, please reach out to me by phone or email. I look forward to speaking with you soon.