Speaking of resilience and markets doing just fine, CoreLogic just released its forecast for the year ahead, showing that it expects home prices to reach new peak values in 2020.
According to the CoreLogic Home Price Index Forecast, its U.S. home price index will rise 5.2% by December 2020.
At the end of 2019, on a month-over-month basis, prices increased by 0.3% in December. But home prices continue to increase on an annual basis — even if the monthly increases are slowing. The HPI forecast predicts an increase of just 0.1% from December 2019 to January 2020.
But even this little bump would mark a new peak in home prices since the last recorded peak in April 2006.
“Moderately priced homes are in high demand and short supply, pushing up values and eroding affordability for first-time buyers,” CoreLogic Chief EconomistFrank Nothaft said. “Homes that sold for 25% or more below the local median price experienced a 5.9% price gain in 2019, compared with a 3.7% gain for homes that sold for 25% or more above the median.”
According to the CoreLogic Market Condition Indicators, an analysis of housing values in the country’s 100 largest metropolitan areas based on housing stock, 34% of metropolitan areas have an overvalued housing market as of December 2019.
“On a national level, home prices are on an upswing,” CoreLogic President and CEO Frank Martell said. “Price growth is likely to accelerate in 2020. And while demand for homeownership has continued to increase for Millennials, particularly those in their 30s, 74% admit they have had to make significant financial sacrifices to afford a home. This could become an even bigger factor as home prices reach new heights during 2020.”
I am a transplant from Florida. Since my house was already sold I needed to find a home quickly. The realtor I was working with was suddenly unresponsive not answering her cell phone, emails or text messages. After much searching for homes online I met Janet Shawgo when I requested to see a home I saw online. Janet was very familiar with the Mooresville area that I was interested in and suggestedI consider new construction spec homes in the area. I quickly found a home that fit the bill.
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Took the time to actually listen and understand our requirements. Found us the perfect house. Honest, responsive and a great person. You would be very happy to work with Janet
From the initial listing to the final signing of the documents. Janet was always available to help determine a solution or give direction pertaining to the circumstance. Very knowledgeable and just a great person to work with. I would recommend Janet to anyone who was thinking of selling their home.
I don’t live in North Carolina so I thought that fixing my home up and selling it was going to be a huge challenge. However, Janet took things over for me – found people to do the repairs, painting, etc. while keeping me in the loop at all times. Janet helped me get the house on the market in record time and then sold it within a week. I was very happy with Janet and would recommend her to anyone.
Janet was the selling agent for our previous home. She was both courteous and professional. You can tell that she keeps her clients interest at heart. I had to continually go to her for knowledge of the process and she was quick to respond and always happy to help. Highly recommend!
When Mike helped us sell our house recently, he was consummately professional from the beginning to the end. We couldn’t have been more pleased with his skills and service.
We used Janet as our Selling and Buying Agent. In a down economy she was able to sell our home in 10 days and for more than we were asking! Because she is willing to go above and beyond, we were able to buy the house we wanted! She makes the process fun and enjoyable and we would recommend her to anyone. Thanks Janet!!
While looking for a house in North Carolina we met Michael. He spent a great deal of time and effort over the course of a year until he found us the perfect house to make the home of our dreams. He was always courtious and patient with us even though we might have drove him nuts. He always got right back to us with any questions we had. It has been a pleasure working with him. We give him our highest recommendation and we could think of no one else if we or any friends would ever need a realtor.
We selected Karen Spruell and The Lake Norman Homes Team because of their stellar reputation. Our daughter and son-in-law had used them in three transactions prior to us moving to the Lake Norman area and had nothing but good things to say about them. We love our new home!
I contacted Karen Spruell from her email advertising nearly 18 years ago before moving to Lake Norman from California. Since that time I have personally purchased or sold 14 or 15 properties thru The Lake Norman Homes Team and have referred several of my friends and family to them. The Lake Norman Homes Team is awesome! I often work away from home and know I can rely on them for anything. And, they have become good friends.
Karen was an excellent real estate agent. She went out of her way to work around our schedule. When we purchased our home we were only a few months away from our wedding and Karen made everything so easy. If we decide to move in the future we will definitely talk to Karen.
My daughter contacted The Lake Norman Homes Team through internet advertising. They showed us property that met our needs, explained the purchase agreement and offer presentation in a professional manner and have kept contact since our closing. All was done professionally and we have gained some new friends!
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