This coming year the housing market will be defined by 3 things- inventory, interest rates, and appreciation. But the biggest issue the housing market will face in 2020 is an inventory shortage. There aren’t enough homes on the market for buyers, especially on the lower end of the market. This is a topic that has come up frequently within the past several months. Based on what is forecasted, we know that interest rates are projected to remain low and that appreciation is expected to continue as we move into 2020. Additionally, the upcoming election will provoke many unique perspectives on the health of the US housing market. The challenge will be understanding what is actually happening a
November 2019 average sales price for new & existing homes combined ($248,317) is 4.2 percent higher than November 2018. There were 2,881 home sales (new & existing combined) for November 2019 - 8 percent lower than last November (3,132). Home inventory (new & existing combined) for November 2019 (7,703) is 17 percent lower compared to November 2018 (9,276). The supply of new and existing homes for November 2019 is 2.3 months representing a home market favoring sellers.
When selling your house, there are a few key things you can prioritize to have the greatest impact for a faster sale: 1. Make Buyers Feel at Home Declutter your home! Pack away all personal items like pictures, awards, and sentimental belongings. Make buyers feel like they belong in the house. According to the 2019 Profile of Home Staging by the National Association of Realtors, “83% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.” Not only will your house spend less time on the market, but the same report mentioned that, “One-quarter of buyers’ agents said that staging a home increased the dollar value offered between 1 – 5%, comp
