2020 Market Predictions: How Rough Will the Waters Be?

In 2020, will you be holding onto your boat for dear life or will the waters calm? Here’s what we predict.

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The new year is almost here, which means it’s time to announce our predictions for the 2020 real estate market. Today we’ll be equating our market conditions to the danger rating of whitewater rapids. To get a sense of the scale, a 5 is when the water is extremely treacherous and a 0 is when the water is stagnant.

For nearly the last decade, our real estate waters have been close to a 5. We were constantly adjusting, constantly paddling, and constantly in fear of what would happen next. Things were crazy ⁠— I even sold a house for $100,000 over market price at one point! 
We’re no longer in dangerous rapids where buyers and sellers are living in chaos.
Now, however, our waters are more like a 2 or a 3. Costs have come down quite a bit, which means there aren’t as many multiple-offer situations going around anymore. With less dangerous waters, buyers and sellers have more time to think about their strategies and adjust accordingly. Offers are sitting around asking price or slightly below, and appraised values are very reasonable. 

This is how a normal market typically is, and it’s exactly what we’re heading toward. We’re still going down the river and seeing home values appreciate, but we’re no longer in dangerous rapids where buyers and sellers are living in chaos.

Essentially, 2020 looks like a year of stabilization for the market. If you have any questions or would like more information about the market, feel free to reach out to us. We look forward to hearing from you soon.

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