What the Future Holds for Our 2020 Market

Here’s what buyers and sellers can expect from our 2020 market.

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Now that we’re almost a full month into 2020, how is our real estate market trending? Unfortunately, I don’t have a crystal ball, but I do have some thoughts on what I think will happen throughout the year.

First of all, I’ve had several conversations with local lenders, and they all expect interest rates to be cut again. This doesn’t directly affect mortgage rates, but it all gets tied together on the back end. We’re seeing people lock in interest rates well below the 5% mark we hit 18 months ago. Before that, we hadn’t seen rates that low in 10 years.

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Our Jonesboro economy remains very strong, and we’re optimistic about the future.

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If you’re a buyer, the minute interest rates bump up, your money doesn’t go as far. If you’re looking to buy a $200,000 home, for instance, it will cost you a little bit more after they rise. If they go down, your money goes a little further, and that same $200,000 will cost you a little bit less after they drop.

If you’re a seller and interest rates bump up, that will probably eliminate a few buyers from your buyer pool. If they go down, it makes your house more valuable because, again, buyers can afford more and there will be more of them looking at your home.

When interest rates decrease, it’s a great thing overall. Granted, there are a few drawbacks when rates get really low, but our Jonesboro economy remains very strong, and we’re optimistic about the future. Jonesboro continues to grow, and we work with clients from all over the country looking to move to our area.

As always, if you have questions about our market or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help.