So how did the housing market here in Monmouth County end in 2019? What can we expect in 2020? That’s what I’m talking about today , let’s get started.
Hey everyone, welcome back! I’m Cori, with Monmouth County Dream Homes at RE/MAX CENTRAL located right here in Marlboro Township. This is the place to be if you want information all about Monmouth County and Real Estate. Check back each week, my new videos are posted every single Monday! Go ahead and tap on that little bell icon and you’ll be notified when a new video comes out. Subscribe to my youtube channel here!
So what are the predictions about the Real Estate market in 2020? Well let me start by saying, nobody at least nobody I know of has a crystal ball. A prediction is just that. A prediction is what someone thinks will happen? Thinks? I mean can the whole county go crazy based on just what someone thinks? I think if I eat a salad for lunch i’ll be skinny for dinner, but you can see how that’s worked out!
I can share with you information that’s out there, but the real truth is, nobody, no matter who you are truly knows exactly what is going to happen in the market.
I can tell you one thing though that is definatley going to happen regarding the real estate market. People are going to continue needing to purchase home and people are going to continue to sell homes. No matter what the experts predict, buying and selling homes is going to be here until the end of time. The real question should be, is this the right time for you to make a real estate move?
I know you came here for information on the housing market in 2020, So i’ll keep this short and sweet. I can only tell you what people are predicting will happen.
There seems to be some buzz about a market crash and mortgage rates rising.
Let’s start with what realtor.com. Realtor.com believes Home sales will drop, and the housing shortage could become the worst in U.S. history. On top of that, home values will shrink in some cities.
I mean I don’t think realtor.com has that crystal ball I was talking about, but they do hold one of the largest databases of housing statistics available, so I thought I’d share the information.
The Real Estate Market is all about supply. It is a fact that the inventory of homes for sale has been falling steadily for several years and is at its lowest right now. This causes prices to rise. The 2020 forecast offers no relief. As demand heats up in the spring, the supply of homes for sale could hit its lowest in history. Reason for this, the growing number of millennials entering the market.
So we think the housing shortage will get worse. Currently the number of homes for sale is low and demand is still very high, especially here in Monmouth County.
Here is the catch. The demand is mostly on the lower end homes and that is where supply is low. The demand has shifted from the Luxury home market, and that is why you’ll see homes in the $800,000 and higher sitting on the market.
Therefore 2020 will prove to be the most challenging year for buyers, not because of what they can afford but rather what they can find.
There seems to be quite a bit of buzz surrounding the mortgage rates as well. Predictions are, mortgage rates will stay low. They dropped in 2019 and will probably remain low throughout 2020.
So I can go on and on about what all the experts are saying will happen in 2020, but I don’t really see the point. I prefer to work in facts and when it comes to the market in 2020, it is still to early to truly predict.
Like I said, I prefer to deal with the facts, and the facts are:
People will continue to purchase homes
People will continue to sell homes
If you are thinking of selling, this may be a great time to take the next steps because the inventory is so low and the demand is still, pretty high, and here in Monmouth County, that’s a fact.
If you are thinking of buying, you need to be patient, but you need to be willing to move fast. Just as fast as the inventory hits the market, it is going under contract!
At the beginning of the video I gave you a few quick stats about Monmouth County Real Estate in general. However, if you would prefer to see what’s going on in a more specific market please just ask. I did pick a few of the “hot local markets” and I put links in the description box below to take a peek at the current inventory situation in those towns.
If you are thinking of buying or selling in the Monmouth County area and have any questions at all, please don’t hesitate to reach out. I’d be happy to sit down and explore all your options with you and review what the current market in your town looks like.
So please, don’t panic about the Market Crashing in 2020. I find it way better to deal with facts and the only fact that I truly came up with is that inventory is at an all time low nationwide.
Thank you so much for joining me this week. I want to wish you a very happy and healthy new year and I look forward to sharing a ton of information about Real Estate and Monmouth County all throughout the New Year.
I’ll see you next Monday!
Marlboro / Morganville : https://monmouthcountydreamhomes.com/marlboro-area/