It is important to look into 2020 Expert Insights On The Housing Market when considering purchasing a home.
In 2019, the Las Vegas housing market was moving forwards, with a little bit of ups and downs. It was doing fine, but according to Lawrence Yun, Chief Economist at the National Association of Realtors, it could do better.
In 2020, however, according to some experts, there will be no significant changes that will occur in the market. In fact, they predict that the market will become slower, and it’s a bit surprising for them.
“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%.” – Danielle Hale, Chief Economist at Realtor.com.
They found that Millennials are a little behind when it comes to major life breakthroughs, like getting married, having their own family, and buying their own house, and they see it as one of the major reasons why there has been no growth in the housing market in the past few years. Likely, it also means the same trend will continue into this year.
Nonetheless, that’s not to say that the market will change for the worse. As a matter of fact, one of the 2020 Expert Insights On the Housing Market in Las Vegas is that a slower pace is better because it means there’s stability, and stability is important for a healthy market.
“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.” – Skylar Olsen, Director of Economic Research at Zillow
Also, they aren’t expecting that the interest rates will increase this year, and that is a good thing as people will be more able to buy a house should they decide to. Lower interest rate means more affordable home financing options.
“Interest rates will, on average, remain lower…These lower rates will in turn support both purchase and refinance origination volume in 2020.” – Mike Fratantoni, Chief Economist at Mortgage Banker Association
These Las Vegas 2020 expert insights on the housing market may not be impressive but aren’t at all terrible. Houses in the coming months will remain affordable, and that’s not something that is easy to disregard. Plus, many Americans still believe in the value that owning a house can give, so let’s just hope for the best. lasvegasrealestate