Per realtor.com, projected housing inventory in 2020 likely to tighten making it a greater challenge for buyers purchasing a home. At the same time, there will probably be lower interest rates creating more buyers. In addition, they predict the inventory of homes available for sale may hit a record low during 2020 which might cause the housing market to slow. Entry-level homes may be affected the most, and first-time buyers will continue to struggle finding affordable housing. Economists predict interest rates to remain low, averaging 3.85%. This will help on affordability, but lack of available housing will continue to be a problem. One bright spot, there has been an increase in new home construction, but that has been mainly in the upper price range. If this continues, this will not ease conditions for first-time home buyers. Finally, another projection for 2020, upper price homes may sit on the market longer and possibility need incentives to get them sold. While entry-level homes will probability have a steady market for this sector.
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