Now May be the Best Time to Sell

Pending Recession Makes Selling Real Estate Now Very Attractive

A recession is generally viewed in a negative light in terms of the housing market overall. However, there might be a silver lining when it comes to real estate selling, especially for those who want to sell sooner rather than later. Could a possible recession in 2020 mean that homeowners should be eager to sell this year?

Upcoming Recession?

A recent Zillow report shows that real estate professionals, as well as economists, are expecting a recession to hit the economy at some point this year. While the effects of this recession aren’t predicted to be as dire as the one that hit the housing market in 2008, buyers and sellers should both stay alert.

Effects of Recessions on Sellers and Buyers

A recession that starts happening early in the year could motivate sellers to put their home on the market in the near future instead of waiting. Higher interest rates that could occur with a recession might mean having fewer buyers around at that time. This can make it harder for sellers to sell their home at an ideal price, and it could take longer to find the right buyer. Listing a home now or in the near future might be a better option for those who want or need to sell quickly or those looking to get as much as they can for their home.

Those who are thinking of selling a home this year might want to consider listingearlier rather than later in case interest rates do rise considerably. In the meantime, those who are looking into buying a home should keep a potential recession and increasing interest rates in mind when deciding when to purchase this year.

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Zillow's Thoughts for 2020

What Does Zillow Think Will Happen With the Housing Market in 2020?

While the subprime mortgage crisis triggered the Great Recession of 2008, the U.S. real estate market has largely recovered from that disaster, with some home prices actually appreciating above pre-collapse values. What real estate trends will be driving the market in 2020? According to online real estate company Zillow, it could be a mixed bag.

How Will the 2020 Economy Affect Real Estate Trends?

Over the last 10 years, the U.S. market has been riding the wave of unprecedented economic expansion. But when Zillow surveyed 100 real estate experts and economists about their predictions for 2020, almost half of them responded that a recession was likely, possibly starting as early as the first quarter.

Unlike the last recession, the housing market is not expected to be the catalyst. Concern this time is focused on monetary policy, specifically the Federal Reserve’s actions regarding interest rates. Higher interest rates would pump the brakes on rising home values, which would make houses more affordable, but raising rates too quickly could usher in an economic slowdown.

Outlook for 2020 Housing Market

In last year’s survey, geopolitical issues were the hot button topic expected to influence the economy. Now that monetary policy has surpassed those concerns, other points to watch include the trade war with China, a potential stock market correction and high inflation rates.

Terry Loebs, founder of Pulsenomics, the company that conducted the Zillow survey, expressed optimism about continued health of the housing market. According to Loebs, factors such as constrained supply, persistent demand and low unemployment will surpass rising interest rates when it comes to impact on real estate trends.

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Tips for Selling Your Residential Listings Even in December

Tips for Selling Your Residential Listings Even in December

Do your New Year’s resolutions include moving but you’re afraid holidays and cold weather will keep buyers away? Don’t be discouraged by conventional wisdom about selling your home in December. Beat the winter freeze with these helpful winter real estate selling tips.

Keep Decorating Neutral and Tasteful

Not everyone celebrates the holidays in the same way. What seems bright and festive to you may feel tacky and overdone to others. Don’t run the risk of offending potential buyers. Stick to a general winter season decorating theme that lets buyers picture themselves building holiday memories in your home.

Don’t Forget Curb Appeal

The weather outside is frightful, but don’t use it as an excuse to slack off on exterior maintenance. In addition to being unsightly, snow- and ice-covered stairs and sidewalks are a safety hazard. Make sure all walkways are clear, touch up paint as needed and clean the gutters. With shorter days limiting the amount of natural light, consider adding exterior lighting.

Leverage Online Marketing

During winter months, buyers spend less time exploring neighborhoods in person and more time taking online tours. High-quality photos and videos highlight the best features of your home and inspire viewers to take the time for a visit. It’s well worth the investment to hire a professional photographer.

Target Motivated Buyers

Summer weather may be more conducive to the process of moving, but there are a number of financial reasons why people look for homes in the winter. New jobs often start at the first of the year, or people receive year-end bonuses that they put toward buying a new home.

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Expected the Unexpected in 2020

Real Estate Predictions for 2020 Look Like 2019 All Over Again

As the saying goes, everything old is new again. Want some real estate predictions for the new year? Look no further than 2019 to see the real estate trends, which are expected to continue through 2020.

Housing Outlook Is Bright

According to Sam Khater, chief economist for Freddie Mac, traditional indicators such as housing starts, building permits and home sales demonstrate that the housing market in the United States “remains on solid ground.”

Mortgage Rates Remain Low

Freddie Mac’s fourth-quarter predictions estimate an average mortgage rate of 3.7 percent for 2019. While their research team anticipates a possible slight increase to 3.8 percent in 2020, rates will still be low enough to take the pressure off buyers scrambling to beat rate hikes.

Buyers aren’t the only ones who will benefit from low mortgage rates. This past October, the Mortgage Bankers Association reported a 134 percent year-over-year increase in their Refinance Index for the last week of the month. Look for low mortgage rates plus increased equity to cause a continued surge in refinancing.

Home Prices Are a “Mixed Bag”

Fluctuations in home prices are one of the most closely watched real estate trends. After increasing at an above-average pace for several years, putting home purchases out of reach for many buyers, prices were due for a slowdown.

In their October predictions, Freddie Mac anticipated a 2.8 percent increase in home values for 2020, down from 3.3 percent in 2019. But since this figure is a median for the nation as a whole, individual markets can vary greatly. Some cities are actually experiencing a current drop in home prices.

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2020 Real Estate Sales Projections

We Are Already Looking to 2020 – What Trends Are Expected in Real Estate Sales?

With real estate selling trends changing from year to year, don’t risk getting left behind. Staying up-to-date on upcoming trends for 2020 can give you an advantage for your home sales and leave your competition in the dust. Keep the following real estate trends in mind for the new year.

Leave Recession Worries Behind

You might have heard fears about an upcoming recession and how it could devastate the real estate industry. The good news is that industry experts aren’t seeing any signs that you should worry. In fact, the housing sector is still going strong. If anything, there might end up being a small dip in home sales or a plateau in home ownership levels, but these aren’t expected to have a major negative impact on real estate sales in 2020.

Set Your Sights on Suburbia

The suburbs are expected to be in high demand in the new year, especially among millennials with kids. With rising costs in urban areas that aren’t as affordable for more and more people, buyers are flocking to suburban communities that offer great schools and plenty of recreational and retail options. These areas are also becoming more diverse and walkable, giving younger buyers more incentive to look for a suburban home.

Go for the Golden Years Market

More and more seniors will be exploring their options for senior housing during retirement. The high numbers of this age group mean that there will be steady demand for senior housing options in the next several years. This includes options ranging from upscale city apartments to suburban homes for active seniors.

Get a head start on putting 2020 trends to use for your real estate selling. Contact Properties Online today to find out how we can help.