The most recent news circulating among the nation’s Top Real Estate economists and news sources indicate that a recession is unlikely to occur and 2020 may be the best year for buyers to invest in real estate.
Here’s why the first quarter of 2020 is the opportune time to purchase a home:
- The FED is holding interest rates steady and has indicated that monetary policy isn’t likely to change.
- The employment rate and consumer confidence are continuing to grow; The NY Times reported the addition of 266,000 U.S. jobs in November.
- Progress is being made on the trade war with China, creating more U.S. jobs and demand for our goods.
- According to the Bureau of Labor Statistics, personal income increased by 0.3% in September and real average weekly earnings are up 0.9% over year ending October 2019.
- CoreLogic said that rent prices are increasing due to the shrinking supply of rental homes.
- Home prices have risen at a smaller rate and the ability to buy a home is more affordable than in past years.
An increase in employment, wages, job security, and income coupled with the steady low interest rates are giving Americans the confidence to invest in real estate.
With the increased 2020 limits, we are qualifying buyers for much more than anticipated. Call us to get pre-qualified so you don’t miss this opportunity!