6 economists predict what the 2020 housing market has in store

AdobeStock 111863032Historically low mortgage rates, booming home price growth, inadequate inventory levels, and debates about crumbling affordability ruled the 2019 housing market. As the new year draws closer with rumors of a global recession and uncertainty generated by an impending election, one can imagine just how wild of a ride 2020 could be.

According to six economists interviewed by Inman, 2020’s housing market will be strikingly similar to 2019 — low mortgage rates will continue to bolster buyer demand, worsening affordability on the coasts will push buyers towards the South and Midwest, and the battle between millennials and Baby Boomers could intensify as inventory shortages continue.

The battle between supply and demand will continue

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How to Know You Have Found the Right House

Happy Family after MoveWhen it’s time to find a new place, you may start with the highest of hopes, but by day two you’re ready to compromise. Looking at a house to buy or rent can be dizzying. After touring two or three properties, the details of each start to blend together and you wonder which one had that awful wallpaper in the bathroom – was it the same one with the funky glass door knobs that reminded you of your grandmother’s house?

It’s not long before you’re wondering if you’ll know the right one when you walk through the door or if you’ll be stuck in an endless loop of confused wandering through hallways to half-baths and peering through windows at unfamiliar scenery. Buying a home is one of the biggest decisions – and biggest expenses – in life for most people. Some people embrace these decisions while others dread them. There’s a way to successfully strike the delicate balance between wants and needs.

Read more: How to Know You Have Found the Right House

6 Questions You Should Ask, When Buying A Home

meditationWhen buying a house is high on your priority list and you find the property that has everything you've ever dreamed of and more, it can be tempting to put pedal to the metal and close the deal as quickly as possible. But slow down! You need to ask lots of questions to help you negotiate with the seller for a good price.

No home is perfect beneath the surface, and few know this better than your real estate agent. That means it's time to sit down with me and ask questions about the property you're hoping to make your own. Certain questions seem rather obvious: Should you offer full price? How soon can you close? There are many other questions, though, that you may not think to ask an agent at this pivotal juncture in becoming a homeowner. But you should! You're taking on a mortgage, after all.

Read more: 6 Questions You Should Ask, When Buying A Home

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