2020 Real Estate Market Predictions

2019 Market Recap

As anticipated, 2019 had a sluggish start to the first half of the year. A few contributing factors to this were the newly introduced stress test, some buyer uncertainty and a surplus of inventory. However, in the summer the market started to correct itself, restoring some balance which in turn caused Fraser Valley home sales to pick up speed in the summer and finished strong in December. We started seeing shorter days on market, multiple offers in certain price bands and areas and more traffic at open houses.

2020 Predictions

2020 shows no signs of slowing down, buyers have become more educated, motivated and willing to put pen to paper. The steady job growth in our region and signs of a strong economy all point to sales in the region continuing to remain strong. Some sellers have held back on listing due to market conditions and uncertainty resulting in being quite tight in certain areas, so if you’re looking to enter the market in 2020, now is a good time as this lack of inventory and selection we could see upward pressure on prices. 

Buying in 2020

If this trend continues it may cause a concern for potential buyers that prices will escalate quickly and they will be priced out of the market. Personally I don’t foresee that happening, however you should be concerned that as a buyer you may not get the same selection of listings or time to look around as things will start to move at a faster pace than they did 2019. So if buying in 2020 is a goal of yours I would suggest getting all of the appropriate steps in order like pre-approval, timeline and wants and needs list and try and not procrastinate.

Selling in 2020

Currently as a seller you should take advantage of this lack of inventory. If you’re planning to sell in 2020 but are aiming to go on the market in the spring, perhaps consider an earlier launch as this could be beneficial not only in regards to what you net but a lesser days on market.

As far as the year in goes in general I feel we will see a noticeable increase in sales across the board with a slight bump in values but all in all a healthy real estate market in the Fraser Valley.
If you have any questions about buying or selling your home this year, contact Dave!