How is the real estate going to fare this 2020? Are there going to be enough tailwinds to drive the market up or will there be a lot of headwinds ahead? The picture for this year’s real estate market is still in murky water at this point as we tread the first few steps of 2020. On the other hand, there are some signs that are pointing towards certain directions. Although nothing is conclusive at the moment, it’s exciting to try and predict what this year holds for real estate in general. Here are some insights from last year that will possibly have impacts in this year’s market:
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Buying – at the beginning of 2019, interest rates were on a high. This basically led homebuyers to shy away from what would be non-affordable deals. On the other hand, mortgage lenders this as a major headwind on the number of potential buyers. This is the reason why they were decided to lower interest rates to as low as below 4% on 30-year, fixed-rate mortgages.
Despite this, a lot of homebuyers are still not so certain about buying a house in 2019. A lot of people are waiting on how the economy is going to play out. However, there are still those who are taking advantage of the current low rates with the idea in mind that the economy will hold its own weight.
As far as prices go, the areas that are going to see the most price increase are those that have fast-growing populations. These areas include metro areas and cities including the following, Charlotte, South Carolina, North Carolina, Charleston, Richmond, and Virginia. Basically, the influx of new residents is what fuels the prices. You might want to get in touch with your real estate agent in Myrtle Beach if you want to get the best deals early this year.
Selling – while interest rates continue to hover on the low side, sellers will continue to benefit. Home prices are also expected to trend upward but only ever so slightly. We won’t be seeing any major price spikes this year. With that in mind, it’s best to get your property out in the market as early as possible this year. Ask your real estate agent for more information. As interest rates remain low, buyers will continue to hunt for homes. However, wait long enough and you might find fewer buyers as prices increase.
While it’s really too early to tell at this point, there are some signs that indicate the trend for this year. If you’re planning to either buy or sell a home, it is best to hire a realtor that knows your target area like the back of their hand. A realtor company like Full Potential Real Estate, LLC can help you figure out whether it’s time to buy or not, or perhaps when it’s the right moment to list your house on the market.
Call Full Potential Real Estate if you want to work only with the best, trustworthy, and experienced real estate agent in Myrtle Beach.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577