The holiday season has arrived, so it’s time to reflect on last year’s real estate predictions before we share our predictions for the coming year. As you’ll see below, our crystal ball was accurate with a few of our 2020 real estate predictions and off the mark with a few others.
Where our crystal ball got it right
Last year we predicted historically low mortgage rates and housing inventory, which have proven to be true. We predicted confusing and contradictory messaging about the economy and the market, which has also been on the mark. Last, we summed up our predictions by saying more consumers would seek the advice of full-service, real estate professionals. Based on our experience, this has also been true. We’ve served more buyers and sellers in 2020 than in any previous year.
Where our crystal ball got it wrong
Last year we predicted flat home sales when in fact sales have been rising. We predicted a 3% rise in prices, but prices have risen by more. In 2020 we anticipated an increase in expired listings and the days on market, but that has not been the case, either. We also predicted a decrease in competing offers, but that has failed to materialize, too. In short, the market has outperformed all of our expectations in 2020.
Stay tuned for our 2021 real estate predictions
We’ll be trading in our old crystal ball for a new one, and consulting with our tarot cards real soon. Until then, we wish you and yours a safe and happy holiday season as we turn the page on 2020.
Your friends at Mad City Dream Homes
PS: Your confidence in our team means the world to us and is helping us carry out our work in the community. Thank you for your business in 2020!
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred