2020 Real Estate Predictions
With the new year comes new real estate predictions. In 2019 we saw low-interest rates and high demand for housing. Meaning, buyers could save money on mortgages and sellers could get top dollar for their home. The big question is how 2020 is stacking up to be in Winchester, VA? Short answer more of the same!
Mortgage rates are predicted to stay low and may even get even lower. Rates are currently around 3.75% and may even get as low as 3.5%. Homebuyers will be able to afford more house for their money and refinancing for current homeowners will see a big surge.
The flip side of this is that home prices may continue to increase as more people can afford homes and demand continues to rise. Inventory is low, especially in the low price points. Builders are less likely to build starter homes and are looking at building higher dollar homes. With low rates and high demand, prices will rise and bidding wars are likely. Suburbs are continuing to grow and will be in high demand this year, as the prices for homes are lower than in big cities areas. Millennials will continue to drive up demand.
But what does this all mean for OUR area? Winchester is once again an area of high demand. People looking to move out of cities and into more low-cost living areas are actively seeking out towns just like ours. Not to mention the influx of companies that have chosen to move into the area. Winchester is growing and the demand for affordable housing is growing with it.
All in all 2020 is starting off to be a stellar year in real estate. If you are thinking of buying, now is the time with mortgage rates at an all-time low. However, with demand high, prices will continue to climb and be prepared to make offers quickly at or more than asking price. If you are thinking about selling, DO IT NOW. Inventory is low and demand is high, meaning you will get top dollar of your home!