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The Biggest Issue Facing The Macomb County Michigan Housing In 2020
By: Rick Giese RE/MAX First
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 and how you can best position yourself if you are thinking of buying or selling your home.
Here are several perspectives to consider on the inventory issue facing housing next year:
According to realtor.com:
"Despite increases in new construction, next year will once again fail to bring a solution to the inventory shortage that has plagued the housing market since 2015. Inventory could reach a historic low as a steady flow of demand, especially for entry level homes, and declining seller sentiment combined to keep a lid on sales transactions."
Diana Olick at CNBC
"Inventory has been falling annually for five straight months, after it recovered slightly toward the end of last year, due to a spike in mortgage rates. Rates began falling again by spring of this year. Homebuilders have been increasing production slowly, but it's not enough to meet the increasingly strong demand."
George Ratiu, Senior Economist with realtor.com:
"As millennials — the largest cohort of buyers in U.S. history — embrace homeownership and take advantage of this year's unexpectedly low mortgage rates, demand is outstripping supply, causing inventory to vanish. The housing shortage is felt acutely at the entry-level of the market, where most millennials are looking to break into the market for their first home."
The most important thing you can do is understand what is happening in your local market, but you can be educated and prepared. Let's connect and discuss the options that make the most sense for you and your family.
Making a New Year's resolution is nothing new. Most of us have done it at one time or another.
Whether buying or selling, see how having a local market expert on your side can make a huge difference
Thinking about selling your Macomb County home or condo and want to know what it would sell for in today's market. visit www.ezhomeprice.info (https://l.facebook.com/
Rick Giese RE/MAX First