2020 Economic Outlook for Real Estate
It’s hard to ignore the whispers that the real estate market is due for a major slow down and that the economy is poised to decline from the recent boom that started back in 2009. However, there is still a positive outlook for 2020! The National Association of Realtors Chief Economist Lawrence Yun says a recession is unlikely in the year ahead. “We expect 2020 will be a year of slower growth but not a recession year. However, an all-out trade war would lead to an economic downturn in nearly every country, including the U.S.,” he says. Here are some of the main factors that point to stability in 2020.
1. Low unemployment
2. Steady mortgage rates
3. Improving home inventory due to increased construction
4. Increased commercial property sales
5. Affordable multi-family housing
While a recession may still come for real estate markets across the nation, the good news is that it doesn’t appear that this will be the case in 2020!