Will the Housing Market Turn Around in 2020?
Today,
many people are asking themselves if they should buy or sell a home in 2020.
Some have shifted their plans or put them on hold over the past couple of
months, and understandably so. Everyone seems to be wondering if the market is
going to change and when the economy will turn around.
The
National Association of Realtors (NAR) has been tracking the behavior changes
of homebuyers and sellers. In a reaction to their most recent survey of Spring
2020, Lawrence Yun, Chief Economist at NAR, noted the beginnings of a turn in
the market:
“After a
pause, home sellers are gearing up to list their properties with the reopening
of the economy…Plenty of buyers also appear ready to take advantage of
record-low mortgage rates and the stability that comes with these locked-in
monthly payments into future years.”
What does the survey indicate about
sellers?
3 out of 4
potential sellers are preparing to sell their homes once stay-at-home orders
are lifted and they feel more confident, which means more homes will start to
be available for interested buyers.
Just this
week, Zillow also reported an uptick in listings, which is great news for the
health of the market:
“The
number of new for-sale listings overall has shown improvement, up 5.9% last
week from the previous week. New listings of luxury homes are now seeing the
biggest resurgence, up 8%. The uptick is likely a sign sellers are feeling more
confident because of improving buyer demand, as newly pending sales have also
jumped up during the same period.”
What does the survey note about buyers?
The recent
pandemic has clearly impacted buyer preferences, showing:
- 5% of the respondents said buyers are shifting their focus from urban to suburban areas.
- 1 in 8 Realtors report changes in desired home features, with home offices, bigger yards, and more space for their families becoming increasingly important.
- Only 17% said buyers stopped looking due to concerns about their employment or loss of a job.
As we’ve
mentioned before, buyer demand is strong right now, especially in hot areas
like Miami, and many are simply waiting for more inventory to become available
so they can make a move, especially as the country begins to reopen.
Bottom
Line
If you’re
thinking about putting your house on the market, contact me today. There’s a
good chance an eager buyer is looking for a home just like yours.
Maria T. Villalobos Cell. 786-285-5855 or info@bestmiamihomes.net
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