HOUSING FORECAST 2020 TIME TO SELL? BUY? - KEVIN WARD

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Is it time to sell?

If you’re considering selling your house in the next two years, do it now while interest rates are low, buyers are buying, and home prices are high.

In 6-12 months, most homeowners in forbearance will want to sell. Inventory will go up, demand will go down, and home prices will drop.

If you’re going to sell, the most important thing is to price your home correctly, so it sells fast. This increases your chance to get multiple offers for it. If it sits on the market too long, you will end up chasing the market down.

Is it time to buy?

Here are 3 considerations:

1. If you need a place to live- If you plan to own a house for at least 5 years, and you have a stable income, take advantage of the current low interest rates. Find an aggressive agent who can get you a good deal.
2. If you want to time the market. If you’re looking for the best deal on a house, wait 12 months when there’s a high probability that prices will drop.
3.If you’re an investor. Don’t buy now when the market is at its peak. Stash cash and watch. Don’t fix and flip because of market volatility.

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