Below are some of my thought on the current housing market.
Well, here’s some positive news for buyers.
The latest real estate reports say the winds are starting to shift in favor of home buyers.
In fact, experts predict that 2020 will bring slower home price growth in many markets, and — contrary to what you might expect — excellent mortgage rates. Here are some interesting insights for anyone who might be thinking about shopping for a house or selling.
Home price growth is slowing.
The frenetic pace of price appreciation is easing. Houses are still expensive in many areas of the country, but it’s certainly a hopeful sign that prices are not going up as quickly as they have in the passed. Another good indicator: New house prices are starting to moderate after seven straight years of increases, This according to Zillow.
Mortgage rates trending down, not up.
We've heard it at least ten times that mortgage rates are hovering near historic lows, guess what
— they edged downward through much of 2019. And further more, Fannie Mae predicts mortgage rates will fall to an average of 3.4 percent in 2020. That gives future homebuyers plenty of chances to lock in extremely affordable mortgages.
The BIG Economic Picture.
The BIG question is? Will the long U.S. economic expansion come to an end in 2020? Some believe a recession is coming, but nobody really knows how long that could take to happen. In any case, there’s no guarantee that home prices well drop in what might be your preferred neighborhoods.
Housing supply will balance out.
Homes for sale has been really tight in recent years, and that’s one reason we’ve seen a seller’s market.
But that started to reverse in 2019, leading analysts believe that housing inventory could stabilize in 2020 - especially at the upper end of the market. That means more choices for buyers and not as much competitive pressure.
What this means is, if you have been thinking of selling Now is the time to list. Just this month we have had over 40 New listing in the month Of May on the Ne Louisiana MLS and that's just about 5 homes shy of what it was in 2019. Most of these house have been listed in the last 20 days. If you don't want to get lost in the increase of homes for sale NOW is the time to Beat the Rush. As folks start to come out of the Pandemic fears. Many are turning their attentions to Home buying and selling. Zillow and Trulia report that home buyers looking has increased by 37% in the last 24 days. In the NE Louisiana area we are
still in needed of houses to sell. Just check these numbers out:
Franklin Parish has only 27 house for sale, 15 of theses where listed in the month of May. I get calls and emails daliy asking is there any other house for sale. The number above includes Active and Just listed homes.
Richland Parish has only 37 house for sale, 20 of them where listed in May. I get calls and emails daliy
asking is there any other house for sale. The number above includes Active and Just listed homes.
Madison Parish has only 8 houses for sale, there are however 4 houses pending sale. I get calls and emails daliy asking is there any other house for sale. The number above includes Active and Just listed homes.
Tensas Parish has only 22 house for sale at this time and only 1 is a new listing this month.
The number above includes Active and Just listed homes.
Swartz Community in Ouachita Parish has 19 New listings since May 1st. There are another 11 that have been on the market for longer than 60 days. The number above includes Active and Just listed homes.
Sterlington Community in Ouachita Parish has 10 New listing since May 1st. There are another 64 for sale, but they have been on the market for more than 60 days. The number above includes Active and Just listed homes.
So, if you have been holding out to list your property you may want to hop in before there are way to many house and not enough buyers.
You can contact me Today at 318-488-1760 to get you house listed and sold before the market becomes to crowded.