Typically, spring homebuying season starts in earnest as the calendar ticks toward March, but homebuyers are seemingly getting an earlier start this year, perhaps driven into the market by low mortgage rates.
Now, a new report from the Mortgage Bankers Association shows that spring homebuying season officially began in January this year.
In 2019 we saw interest rates drop, housing inventory remain low and hot markets continue to heat up. Will those trends persist in 2020? Will home sales remain stagnant in the new year? Will an influx of new housing inventory come onto the market? Will younger consumers stop renting and start owning?
Here are five predictions that are likely to shape the 2020 housing market and help us answer these questions and more.
On Monday, the average rate on the 30-year fixed mortgage hit 3.34%, down from 3.42% last week, according to Mortgage News Daily. If the rate holds for more than one day, it will be the lowest it’s fallen in eight years.
There’s been a ton of advice written over the years about things a buyer should not do when embarking on a home purchase.
Running up more debt, buying furniture, traveling the world before closing, taking out a car loan and changing jobs are all big no-nos when it comes to buying. Although many buyers having been counseled appropriately by their agent and lender about what not to do, issues still occur.
What else does a buyer do that can potentially sabotage a home purchase? Here are a few of the lesser-discussed items on the list.
Would you like to learn more about Cynthia?
Are you looking to buy or sell real estate with Cynthia?
We are here to be a resource to you in any way we can. Speaking of which…