If you are ready to move to a new home early next year or early spring, consider this article from Forbes.com. “The 2019 housing market has been one of low rates, high demand and limited supply, will 2020 be more of the same? According to experts, yes and no.”
We spoke to six mortgage, real estate, and housing professionals. Here’s what they say is in store for the year to come:
Mortgage rates will stay low –Mortgage rates currently sit at 3.75%, according to Freddie Mac’s most recent numbers—nearly a 1% difference from the monthly average a year ago. The drop in rates caused a surge in refinancing over the last few months, and purchase activity ticked up as well.
Prices will keep on rising.
Home prices will continue their climb upward, according to experts, largely thanks to tight inventory and high demand. According to the latest home price forecast from property data firm CoreLogic, home prices should tick up by 5.6% by next September—up from the just 3.5% jump we saw this year.