A recent article in the Washington Post talked with seven of the nation’s leading housing organizations about what 2020 has in store for the housing market. The Post says that a strong job market along with low mortgage rates should sustain the housing market in 2020, however the problem will be low inventory. For their story, they talked with experts from the National Association of Realtors, Realtor,com, Redfin, Zillow, National Association of Home Builders, Mortgage Bankers Association, and Bankrate.com to get their predictions for 2020. Indeed…
“With unemployment hovering at a 50-year low and interest rates well below historical norms, the real estate industry is being dragged down by scarcity in housing stock, especially at lower price ranges. Not enough homes are being built, and homeowners are staying put longer, creating a bottleneck.”
“Still, the market is on better footing than it was a year ago, when economic uncertainty caused by global trade tensions, stock market volatility and a partial government shutdown, along with rising mortgage rates and home prices, put a damper on sales. Mortgage rates, which seemed poised to surpass 5 percent, a level they hadn’t reached since 2011, retreated in 2019…”
Click here to read the full story at the Washington Post.