Global uncertainty...Is now really a good time to buy or sell a home?

There’s quite a bit going on in the world right now—elections, Brexit, tensions with Iran, trade issues with China and, more recently, the coronavirus. I’m sure you all have questions about how these domestic and global events may have on local real estate.

Is this a good time to buy or sell your home? If you’re thinking about making a move this this year, here are a couple to consider:

Mortgage rates. Right now, rates are expected to remain at or below 4%, but if economic conditions change, those rates could rise. As significant stability isn’t expected to return globally, you should have more purchasing power throughout 2020.

Consumer confidence. Consumer confidence is an economic indicator that measures consumer optimism about the economy and their personal financial outlook. Turmoil in the world economy sometimes spooks investors here in the States.  When that happens, we see what looks like instability on Wall Street and that affects consumer confidence negatively. 

Typically, in a presidential election year, we also see a dip in consumer confidence.  While that measure usually increases after the election in November, the dip normally changes the timing of the real estate market in that we see Spring markets start earlier, Summer markets last longer and a lull in the Fall.

While those are just a few ways that events affect the market, conditions are always changing. I try to stay updated on what’s happening, so I can best support all my clients and prospective buyers and sellers—just like you.

If you’re ready to make a move this year and want to know how to get started, let me know. I’m here to help. Thanks!