If you’re planning to sell your house this year, we’ve got good news.
Predictions call for the seller’s market to remain strong. However, other housing and mortgage trends will continue to seesaw. Here’s what to expect, according to the financial gurus at Nerd Wallet.
- Mortgage rates will stay low. Expect the same levels as the last half of 2019, when they averaged 4 percent APR.
- It will be hard to find homes to buy. Low inventory is expected to continue throughout the year – and possibly beyond.
- Lack of affordability will hold back sales. This especially sidelines first-time buyers who find themselves priced out of the market.
- Borrowers might find a broader selection of FHA lenders. Buyers could benefit from lower costs due to competition.
- Homeowners will stay, not sell. Typical homeowners have been in their homes for 13 years. Boomers, especially, are staying put.