The 2020 Real Estate Market: What You Need to Know
While it’s most important to know what’s happening in your area, it’s also a good idea to have a general overview. In the most recent Secrets of Top Selling Agents webinar, Steve Harney shares what experts are saying about this year’s real estate market in “2020 Market Predictions for Real Estate.”
After being in the industry for over 25 years, Harney is a residential real estate expert who specializes in market trends. He started as an agent and then developed his own 500-agent real estate firm.
Currently, Harney works with producers to help them achieve success. He is often quoted in major news sources and is recognized as one of the most accurate market trends predictors today.
In his Secrets webinar, Harney shares information about home price appreciation, interest rates and inventory and demand. Find out everything you need to know so you can talk to your clients as an expert.
When thinking about when to make your next push in the industry, Harney advises not to wait until spring when most of the competition will also be out. Instead, he recommends starting now, since buyers are already flooding the market.
Because there will be a greater influx of buyers and higher demand for homes, CoreLogic predicts that home prices will rise at least 5 percent over the year. Similarly, home value is expected to continue to appreciate. This is due to an inventory shortage and a high demand from buyers. In fact, in 2019, housing inventory dropped overall by 12 percent, while homes available for less than $200,000 dropped by 18 percent. This poses a challenge, especially since millennials and Generation X buyers are flooding the market, looking for low-cost homes. Harney says the best way to avoid issues with this is by listing properties as soon as they become available, especially if they’re in the lower price range.
During the webinar, a listener asked whether home sales would be affected by the 2020 election. Harney explained that, yes, there may be a slight decrease in home sales during that time. However, it’s not due to a lack of buyers. Instead, it’s because people are distracted by the election and put off buying. As a result of this, generally, home sales the following year are expected to significantly increase.
To learn more of Harney’s tips and listen to the full recording of the webinar, join the Secrets of Top Selling Agents Facebook Group here. For more free real estate education, including best practices, visit the Secrets of Top Selling Agents website.
Since its inception, The National Digest has been dedicated to providing authoritative and thought-provoking insights into trending topics and the latest happenings.
