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Housing Outlook for 2020: A good year to buy!
Waiting for a good time to get in on thehousing market? Experts forecast that it’s likely to be another banner year in 2020.
Mat Ishbia, CEO of United Wholesale Mortgage, told FOX Business there is one big reason this year will be a good one to make a home purchase.
“From a homebuyer perspective, affordability is really great,” Ishbia said, forecasting rates will remain low.
According to a report from Realtor.com, mortgage rates are expected to average 3.85 percent.
Consistent with Ishbia’s predictions for continued affordability, Realtor.com expects home prices to rise just 0.8 percent across the U.S. this year – with declines occurring in 25 percent of the 100 largest metro areas.
However, challenges are expected to remain for first-time buyers. A lack of inventory at the entry-level section of the market is one negative trend that is expected to carry on into 2020.
“There’s not enough new inventory in the market to support the Millennial generation,” Ishbia said.
The total number of available homes for salecould even hit a record low, with outsized pain at the lower-priced segments, according to Realtor.com.