Expert Insights on the 2020 Housing Market
When closing out another year, it’s normal to wonder what’s ahead for the housing market. Though there will be future inventory issues, we expect interest rates to stay low and appreciation to continue.
Here’s what three experts are saying we’ll likely see in 2020:
Danielle Hale, Chief Economist at realtor.com
“I think the biggest surprise from the forecast is how long the market is staying in this low inventory environment, especially as Millennials are in a major home-buying phase…sellers will contend with flattening price growth and slowing activity with existing home sales down 1.8%. Nationwide you can look to flat home prices with an increase of less than 1%.”
Mike Fratantoni, Chief Economist at Mortgage Banker Association (MBA)
“Interest rates will, on average, remain lower…These lower rates will in turn support both purchase and refinance origination volume in 2020.”
Skylar Olsen, Director of Economic Research at Zillow
“If current trends hold, then slower means healthier and smaller means more affordable. Yes, we expect a slower market than we’ve become accustomed to the last few years…consumers will continue to absorb available inventory and the market will remain competitive in much of the country.”
As we can see, we’re still going to have a healthy market. It is forecasted to be a more moderate (or normal) market than the last few years, but strong enough for Americans to continue to believe in homeownership and to capitalize on the opportunities that come with low interest rates.
Bottom Line
If you’re wondering what’s happening in our local market, let’s get together today.
Goldman Sees More Rate Cuts Ahead
Goldman Sachs expects 3 rate cuts in 2025, totaling 0.75%, while the Fed currently projects only two. Tariffs and higher costs are likely driving Goldman’s forecast, predicting slower growth and weaker consumer confidence
Happy Fourth of July
To all great Americans around the world, a very Happy Fourth of July to you all. This day is incredibly significant as the day the United States officially became its own nation. Let’s celebrate America’s birthday with festivals, parades, fireworks and other festive...
Have 3 Remodeling Options? High-Value Ones for 2025
Not all renovations boost home value; strategic improvements matter most for 2025. Energy-efficient upgrades like solar panels and insulation cut utility bills and attract budget-conscious buyers.
Can You Afford a 3-Bed Home in Utah in 2025?
In 2025, buying a home remains out of reach for many Americans as housing prices continue to rise. A recent report shows that in 35 out of 50 states, a 6-figure income is now required to afford a median-priced 3-bed home. In high-cost states like Utah, buyers need a...
Recession Coming? Turn It Into a Wealth Opportunity
Recessions often trigger Real Rstate dips, creating prime opportunities for investors to buy undervalued properties. Short sales and foreclosures surge during downturns, expanding inventory and increasing buyer negotiating power.
Fannie Mae Revises 2025 Growth Down to 3.4%
U.S. home prices are projected to grow 3.4% in 2025 and 3.3% in 2026. These forecasts are slightly lower than previous estimates of 3.8% for 2025 and 3.6% for 2026.
What’s the Cost to Rent 1,000 Sq Ft in Utah?
Utah has an avg rent of $1,612/mo. The avg apartment size is 920 sq ft. Rent per sq ft comes to about $1.75. Utah ranks among the more costly states for rental housing. It’s a competitive market for renters valuing both space and location.
How to Determine Home Value
To determine a home's value, consider various methods including online automated valuation models (AVMs), which use public records and recent sales data. For a more detailed assessment, a comparative market analysis (CMA) from a local agent or a professional...
The Minimum Savings You Need to Retire in Utah
Utah ranks #15 among the most expensive states to retire based on the minimum savings needed Minimum savings needed to retire in the state: $1,083,951 Annual cost of living (total expenditures): $65,795 Annual Social Security income: $22,523.40 Annual expenditures...
Happy Father’s Day
Approximately 2.5 billion Father's Day cards are sent each year. Neckties have become a popular traditional gift for Father's Day. "World's Greatest Dad" is a popular Father's Day phrase. Breakfast in bed is a common Father's Day...