2020 is here—and it looks like this year is going to be a strong one for the real estate market.
In a recent article outlining their market forecast, Freddie Mac projected an overall optimistic view for the real estate market in 2020, and into 2021. “With low interest rates, modest inflation and a solid labor market, the U.S. housing market continues to show strength. Our forecast is for the U.S. housing market to maintain momentum over the next two years,” they write in the article.
Some of their market projections include:
- Interest rates for 30-year fixed-rate mortgages will drop slightly, from 4 percent in 2019 to 3.8 percent in 2020
- Home sales will hit 6 million in 2019—but continue to rise, hitting a projected 6.1 million in 2020 and 6.2 million in 2021
- Home price growth will slow, from 3.2 percent in 2019 to 2.9 percent in 2020 and 2.1 percent in 2021
What does this mean for you? It looks like a strong real estate market which is good for both buyers and sellers—so no matter what kind of real estate move you’re considering, 2020 and 2021 are projected to be great years.