It looks like a healthy and ready real estate market for 2020! Up until mid-December, every recession probability measure had us at 50/50 for a real downturn early next year (just a matter of days away). Thanks to the most recent actions and announcements regarding the new NAFTA deal, the cancellation of tariffs and the “phase 1” US-China agreement, and the maintenance of low rates now and for the future by the Federal Reserve, the consumer confidence index rose by double digits! The latest recession probability indices are all at 20% or less.
Confidence up and a break in November of the 15 straight months of slower home sales both have helped to generate a positive 2020 prognosis. Rates remain, and will stay, at historic lows which will keep an affordability piece in place that is very important to all real estate consumers. Inventory will EXPLODE as early as mid-January and the trepid buyer will shed doubt and worry. This 2020 buyer will be like a superhero/Marvel character ready to bid on that home with just a single showing!
C’mon, all positive? Well the only cloud in the blue sky is the concern for business credit sometime in the next year or two which could slow economic expansion. This would NOT affect our market for quite some time thereafter…i.e. not 2020.
The pulse of the economy is strong. Interest rates are happily stuck at all-time lows. The prognosis for 2020 is good. You’re good to go…for real estate. :~)
