Haymarket Area Real Estate & Community News
Haymarket Homeowner HaymarketHomeowner.com Published by Bryan Garcia Garcia Real Estate Group Principal Broker EXIT Heritage Realty
Fall/Holiday 2019 Haymarket Real Estate Trends Year-to-Date 2019 Garcia Real Estate Group Featured Properties Community: Fall into The Holidays Haymarket Area Holiday Happenings 2019 Homeowner Improvement & Service Directory 2019 Tips from the Team: Hidden Dangers in Your Home Around Town: Town of Haymarket News Good to Know: Real or Fake? Christmas Tree Comparison Haymarket Neighborhood Real Estate Stats YTD 2019
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EXIT Heritage Realty Haymarket, VA garciarealestategrp.com 703-753-9100
Fall/Holiday 2019
3 Real Estate Market Predictions for 2020
H
ere we are, close to the end of the year with the holidays upon us. Before we know it, 2020 will be here and with it, a new Spring real estate cycle. What can we expect from the real estate market next year? Here are some of my predictions:
uncertainty with the trade war and slowing global growth continues. The Fed seems to be on the defensive trying to protect the U.S. economy against those threats. With this kind of uncertainty, I believe that rates will remain low well into the new year.
1. A Shift in Housing Demands As more millennials become parents of school-age kids, and urban areas continue to rise in real estate prices, there’s a push toward the suburbs and with it, suburban locations are evolving. Haymarket has always been family-oriented, but we will start to see more development in favor of a growing demand for walkability, green features, common space, diversity of dining, and transit access. On the flip side, baby boomers are now looking for new housing options, including active lifestyle living and downsizing. Options for seniors looking for post-retirement lifestyle will continue to emerge. Carter’s Mill, a Del Webb Community in construction just down the road from Walmart, is one example.
3. Home Sales will Remain Low In recent years, housing prices have risen faster than wages in much of the country. Many cities, like Seattle and Boston, are in the midst of a full-blown affordability crisis. During the first three quarters of 2019, the Average Sold Price in Haymarket was $545,944, increasing 4.06% over last year. This is good news for home owners and sellers. However, at these prices, even a modest dip in interest rates won’t make a big difference to first-time homebuyers who are struggling to come up with an increasing down payment. Sold Homes in Haymarket were down -3.87% YTD compared to last year. Entry-level homes are selling fast. Because of the low inventories of these homes, they are in demand and with demand comes price growth. With decreased inventory in lower priced homes, and affordability issues in higher priced homes, overall home sales will remain low.
2. Mortgage Interest Rates will Remain Low In late October, The Federal Reserve cut interest rates for the third time this year, as FEATURED PROPERTIES
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