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2020 Real Estate Market Forecast Chicago Area
2020 Real Estate Market Forecast
Western Suburbs of Chicago
Joe The Guardian Troll photo courtesy Morton Arboretum
How’s the Market?
If you’re thinking of buying or selling a home in 2020 you probably have questions. Is the market going up? Down? What about interest rates? Here’s some perspective to help you make a great decision.
In the Chicago area, the housing market began to plateau in 2019. The rise in housing prices started to slow down, and in almost all communities, market times increased. This is especially true for more expensive homes.
I expect that in 2020 homes will continue to sell pretty quickly in the lower price ranges, however, the overall inventory of homes for sale is gradually increasing. This will make it easier for homebuyers to take a little more time to shop and not feel rushed to make an offer the moment a house is listed. Sellers will increasingly need to compete with realistic pricing and homes that are well-prepared for the market.
Will There Be Good Deals in 2020?
Yes! But the best deals won’t necessarily be the easiest to buy. While we’ve all been conditioned to want HGTV-ready houses, there are good deals to be had to all price points. Some sellers can’t do too many repairs or put in all the upgrades you might want. This is an opportunity for the savvy buyer. Consider looking at houses below your budget with a plan to invest in repairs and improvements after you close. Some lenders have loan programs that allow you to borrow the amount of the purchase plus remodeling costs as long as the projects will be done shortly after closing.
Finding out what a seller needs can be the start of a great deal. Sometimes overlooked homes are the best deals. Have your agent call the listing agents of homes that have been sitting on the market or off-market homes that were listed the previous year but didn’t sell. The agent might be able to share that the seller has conditions for selling other than the sales price, like a long lead time to close or payment of outstanding liens. Maybe a material defect was found in a previous buyer inspection and the seller can’t afford to fix it. Or the seller might not have enough equity to sell at market value. These situations can mean a great deal for a buyer who understands and is willing to work with the seller’s situation.
Will Interest Rates Stay Low?
Mortgage interest rates were at near-record lows in 2019 and experts say that the trend will continue in 2020. According to Bankrate.com:
"Following a year of declining interest rates, 2020 looks to be a year of stability, with fewer economic risks and low inflation giving the Federal Reserve little reason to shift interest rates. Borrowing costs are low, making it a great time to take on debt for a long-term purchase.
Now Fed watchers expect rates to stay flat in the year ahead. Inflation remains modestly below the central bank’s two percent target, giving the Fed justification for keeping rates lower for longer."
How's The Market in My Area?
Give me a call or send a message we can talk about your situation. To keep abreast of the market in your community, bookmark the Market Snapshot for your community.
Market Snapshots - Western Suburbs
If your community isn't listed, or you'd like market data for a neighborhood, subdivision, or property type, Send A Message Here and we'll create a set of interactive charts just for you.
I'm not happy unless I'm busy helping people. As the founder of the BRIX Group, I work as a real estate agent with eXp Realty in the western suburbs of Chicago, and as a marketing consultant to teams ....