By now we’ve heard the term “unprecedented times” quite a bit. Indeed they are, and every company in every industry is faced with determining how the COVID-19 crisis will impact
Although it may not seem like it meteorologically-speaking, spring and the traditional real estate “spring market” are just around the corner. While we wait for the market (and the weather!) to heat up, here are a few national and local predictions for the 2020 market.
A Core Logic report referenced by a late December Chicago Agent Magazine story indicates that Chicago area homes are “fairly priced” as compared with the rest of the nation. Coupled with an overall positive outlook for the economy and continued low rates, this suggests a healthy spring market.
Realtor.com suggests moderate to flat growth nationwide. However, their research predicts a welcome increase of millennials jumping into the market.
If you’re considering selling your home in the next few years, US News and World Report suggests that 2020 is an optimal time to sell your home because of low-interest rates, appealing affordability and new buyers expected to enter the market. The article also includes 2021 overall economic uncertainty as a reason to consider selling in 2020.
As for our local market, 2019 was a mixed bag. A late starting and sluggish spring coupled with a stagnant summer created a dip in average sales price in Elmhurst. However, the fall and early winter numbers were encouraging.
Other indicators in the market also point to a positive trend. After several months of a steep inventory climb, we finally saw monthly inventory level off in late summer and even dip in winter.
We also saw average market time curb its steady incline and drop in the second half of the year.
The encouraging second half trends of 2019, along with overall, cautious, momentum nationally for 2020, point to a traditionally healthy spring market.
As always, if you are thinking of buying or selling in the competitive spring market, contact your favorite LW Reedy Agent to help guide you with your decision.
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