Jeff: Entering the year in a 14 year low with 12,279 homes in the market this morning. I expect to leave the year at around 15 or 16,000 homes.
Jeff: So I expect supply this year to rise, last year we came in with 16,000 and we went down to 12,000, that’s where we’re coming in now, but I think that the pending election is going to slow demand because that’s what happened last time. Because 16,000 is still a 14 year low, rising supply actually will not cause depreciation. It’s just going to appreciate slower in the back half of the year. I think we’re going to come in with fire. I think the market is going to take off, I mean on an annualized basis, I expect for appreciation rates to reach over 10% in the first half of the year because there is not much available and there is not a lot of demand.
Sharon: I wondered if you are a buyer in 2020, is this the year to buy?
Jeff: Well, because interest rates are low. Rents are rising.
Sharon: It’s crazy.
Jeff: And we still see supply low. I’m expecting the market to continue to appreciate. I think it’s going to appreciate faster in the first half of the year and slow down a little bit, but overall not steep, not keep on appreciating through the whole year and and forward.
Sharon: It’s a good time to buy now.
Jeff: It’s a very good time.
Sharon: Good conditions for buyers.
Sharon: Is 2020 the year for you to sell your house?
Jeff: Yes is the answer. If it’s “I need, I know I want to sell in the next five years”. It’s always better to sell in a thrifty market that’s moving quickly because the enemy of a seller right now is days on market and when there’s more supply, it increases days on market and therefore you might not get top dollar. So I can guarantee sellers that it’s a good time to sell now. In the future, I don’t know. I mean maybe the election makes it worse. I mean, we’re predicting the future for God sakes. Thank you. That was our 2020 predictions. I’m Jeff Sibbach.
Sharon: I’m Sharon Wisniewski .
Jeff: We’re the Sibbach Team, whether you’re buying or selling, just make sure it’s with us.
Sharon: Just call us.
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