With low mortgage rates alongside home price and wage appreciation, many are wondering about the housing market forecast for the remainder of the year and what it might bring.
Lawrence Yun, Chief Economist for the National Association of Realtors (NAR)
“We saw the year come to a close with the economy churning out 2.3 million jobs, mortgage rates below 4% and housing starts ramp up to 1.6 million on an annual basis. If these factors are sustained in 2020, we will see a notable pickup in home sales in 2020.”
David Brickman, CEO of Freddie Mac
“The housing market is strong and, based on our survey, the low mortgage rate environment may inspire both renters and owners to make an educated move this spring.”
Frank Martell, President and CEO of CoreLogic
“On a national level, home prices are on an upswing. Price growth is likely to accelerate in 2020. And while demand for homeownership has continued to increase for millennials, particularly those in their 30s, 74% admit they have had to make significant financial sacrifices to afford a home. This could become an even bigger factor as home prices reach new heights during 2020.”
If you’re thinking of making your next move, now may be the time. Demand for your house will be strong, particularly while buyers are looking to lock in at low mortgage rates.