Top 5 Predictions For 2020
What’s hot in Jacksonville real estate in 2020? As a local Realtor who has been selling homes for over 21 years, Phyllis Staines, Broker Associate with RE/MAX Coastal Real Estate offers her predictions for the coming year. Whether you’re buying, selling, or re-financing here are five things to look for in 2020:
1. I-Buyers Will Gain Market Share - I-Buyers or Institutional Buyers are flooding the Jacksonville market. I-Buyers purchase homes direct to consumer, pay cash, offer fast closings and often make offers sight unseen using automated valuations and proprietary technology.
2. Mortgage Re-Financing Will Surge – With interest rates at record lows and home equity at record highs, many homeowners are staying put and re-financing their current mortgage. You may be a good candidate if the spread between your mortgage rate and current market rate is a point or more.
3. Short Sales Will Increase. We’ll see an increase in short sales as Notice of Defaults (NODs) begin to rise. A short sale is where the seller comes to an agreement with their lender to accept a sales price that is less than what is owed on the property.
4. Our Seller’s Market Will Ease – With single family housing starts and new construction permits expected to rise, our current seller’s market will face headwinds in the latter part of 2020 as more homes come on market. Coupled with the November election, market disruption is inevitable.
5. Housing Affordability Bottoms Out – With current home prices at record levels, our housing affordability index suggests prices may have reached their peak. Watch this number closely if you’re in the market. Jacksonville’s numbers are eerily approaching 2007 levels.
Whether you’re in the market or watching from the sidelines, one thing is certain for Jacksonville: opportunity is the key word in real estate for 2020.
To get your free copy of Phyllis' 2020 market forecast which includes both national and local analysis courtesy of the Northeast Florida Association of Realtors (NEFAR) , click here.
Have a real estate question or need some sound advice? Call or text Phyllis Staines at (904) 476-7653 or email email@example.com. Every question will receive a response and may be chosen to appear in Saturday's Times Union newspaper.