The short answer is: who knows?
While many predicted 2020 would be a very strong seller’s market, the coronavirus has turned everything upside-down and all bets are off.
On the one hand, loss of income and the threat of more losses could keep the buyer pool much smaller this year. Since mortgage rates continue to be very low, this could indicate a buyer’s market for those comfortable taking the leap.
On the other hand, housing inventory continues to be low and home prices have not come down.
Some analysts see potential buyers delaying their decision for many months. If the demand does increase, expect prices to eventually rise 3% to 5%.
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