Found 2 blog entries tagged as 2020 housing market.

 

Everywhere I go people want to tell me the housing market is about to crash. Maybe the market will crash, maybe it won’t. If it’s true we are in a bubble and we will see a crash here are some of the reason we may see real estate prices pop.

Inflation and Interest Rates Going Up

There’s no doubt homebuyers are motivated by the historically low mortgage interest rates we are seeing. Many buyers are able to lock in 30-year fixed rate mortgages at 2.5% or better allowing them more buying power to stretch the price range of their home search.

Interest rates typically rise when inflation increases. With all the money being pumped into the economy it isn’t not hard to imagine we will see inflation once we see the pandemic coming to an end.

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You might be shocked to hear real estate prices in our area are up 5-10% since the beginning of December. Almost everyone who is calling me right now thinks their home is worth $50,000-$100,000 LESS than what it would sell for today. Today, someone asked me what has caused prices to go up. There are many factors and I thought I would share what I told her with you.

  1. Record low inventory of homes for sale. Many potential sellers decided to hold off on selling last year. We have a dramatic inventory shortage of homes for sale.
  2. Few new homes available. In many neighborhoods you couldn’t buy a new home if you wanted to build. They are completely sold out of lots.
  3. Tesla, Oracle and Apple building coming to life. The surge of buyers…

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