The bottom line: 2020 will shift back to a much hotter market. Expect a HOT Seller’s Market during the spring with slowly rising values. Multiple offers will be the norm for homes priced below $1 million. Once again, the market will heavily favor sellers and buyers will have to pack their patience in order to isolate their piece of the American Dream. For the second half of the year, the market will evolve into a slight Seller’s Market, where sellers still get to call more of the shots, but home values do not change as much. Pricing will still be very important all year long as buyers do not want to overpay. They will stretch slightly during the spring, but sellers who overprice will kick themselves down the road.
Happy New Year!