Will next year be good for home buyers? There is a lot to consider. Home buyers must think about the size and location of the house they’ll buy, how much storage it’ll have, the school district, how many bathrooms, the kitchen, mechanical systems, the roof, the neighborhood, etc. It’s a lot. But, if that weren’t enough, it’s also important to consider market conditions and what the financial side of buying looks like.
So, what can buyers expect to find when shopping for a house in 2020? Well, according to a new forecast from the National Association of Realtors’ consumer website, there’s good news and not so good.
The Good News
More new homes, low mortgage rates, and slower price appreciation are all encouraging signs for hopeful home buyers. Add to that easier access to credit and it sounds like a good time to buy.
However, challenges will remain. For example, low inventory remains a big issue for the housing market and, in areas where there are more buyers than homes for sale, it may take longer to find a home. This is especially true for first-time buyers. New home construction has largely been limited to higher-end homes, which means affordable homes in entry-level price ranges may be harder to come by. A must more detailed analysis is here.
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