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Today. We would like to talk to you about The
2020 Real Estate Projections That May Surprise You
This
will be an interesting year for residential real estate. With a presidential
election taking place this fall and talk of a possible recession occurring
before the end of the year, predicting what will happen in the 2020 U.S.
housing market can be challenging. As a result, taking a look at the combined
projections from the most trusted entities in the industry when it comes to
mortgage rates, home sales, and home prices is incredibly valuable – and they
may surprise you.
Mortgage Rates
Projections from the experts at the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), Fannie Mae, and Freddie Mac all forecast mortgage rates remaining stable throughout 2020:
Since
rates have remained under 5% for the last decade, we may not fully realize the
opportunity we have right now.
1980s:
12.70%
1990s:
8.12%
2000s:
6.29%
Home Sales
Three
of the four expert groups noted above also predict an increase in home sales in
2020, and the fourth sees the transaction number remaining stable:
With
mortgage rates remaining near all-time lows, demand should not be a challenge.
The lack of available inventory, however, may moderate the increase in sales.
Home
Prices
Below
are the projections from six different expert entities that look closely at
home values: CoreLogic, Fannie Mae, Ivy Zelman’s “Z Report”, the National
Association of Realtors (NAR), Freddie Mac, and the Mortgage Bankers
Association (MBA).
Each
group has home values continuing to improve through 2020, with four of them
seeing price appreciation increasing at a greater pace than it did in 2019.
Is a Recession Possible?
In
early 2019, a large percentage of economists began predicting a recession may
occur in 2020. In addition, a recent survey of potential home purchasers showed
that over 50% agreed it would occur this year. The economy, however, remained
strong in the fourth quarter, and that has caused many to rethink the
possibility.
For example,
Goldman Sachs, in their 2020 U.S. Outlook, explained:
Bottom Line
Mortgage rates are projected to remain under 4%, causing sales
to increase in 2020. With growing demand and a limited supply of inventory,
prices will continue to appreciate, while the threat of an impending recession
seems to be softening. It looks like 2020 may be a solid year for the real
estate market.
Source…KCM Rossmery Blog
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