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Disclaimer: I don’t have a crystal ball. (Nobody does)
That said, here is what the analysts at Realtor® Magazine are predicting in 2020:
- Home prices are expected to rise 5.7%
- Interest rates should creep up to 3.4%
- Sales of existing homes are likely to rise 7%
For first-time home buyers and those on a budget, purchasing a home will become even more challenging, even if inventory increases. Prices can’t rise forever, though, as wages need to keep up. Eventually if prices outpace wage growth by too much, demand will decrease because people can’t afford to buy, which will then drive prices down. Like a lot in nature, things tend towards equilibrium.
Read the full article here.
