2020 Real Estate Forecast & More – Monthly Newsletter
by Jill Langer
Last week, I had the pleasure of attending our office’s 11th Annual Matthew Gardner Economic Forecast Event. At this event, Matthew gives the crowd a review of the previous year and forecasts trends for the economy and housing market for the next year and beyond. Below are my Top 12 Takeaways worth noting as you start to chart your economic goals for 2020 and beyond.
Single-family new construction remains muted due to the expensive cost of land, labor, materials, and regulatory fees. This has made inventory levels tighter and the appreciation of existing homes stronger. The lack of overbuilding is also another contributing factor to no housing bubble.
The Greater Seattle economy looks to outperform the U.S. economy due to continued corporate growth, specifically in information services, which will balance out any losses we may see due to the current setbacks in aerospace.
In the Greater Seattle area, as we start 2020 inventory levels are tight due to a high level of absorption over the course of 2019 after a big inventory dump in mid-2018. Many investors offloaded properties in 2018 and it took time to absorb this inventory as it accompanied a time frame where interest rates were near 5%. The market softened at that time, but now we have returned to constricted inventory levels and lower interest rates. This will bode well for home sellers and provide buyers low debt service.
If you would like more information or a copy of Matthew’s PowerPoint, please reach out. It is my goal to help keep my clients well-informed in order to empower strong decisions. 2020 looks to be another positive year in real estate! If you or anyone you know is considering either buying or selling, please use me as a resource. It is an honor to help people make such important investments and meaningful lifestyle choices.
As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.
In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.
I am pleased to present the fourth-quarter 2019 edition of the Gardner Report, which provides insights into select counties of the Western Washington housing market. This analysis is provided by Windermere Real Estate Chief Economist Matthew Gardner. I hope that this information will assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact me.
In 2019 Windermere agents, offices, and staff raised nearly $3 million for the Windermere Foundation, surpassing $40 million total raised since 1989. These dollars stay local, supporting low-income and homeless families in the communities where we do business. We’re proud of the work we’ve done so far, but there’s so much left to do. As we begin 2020, we look forward to seeing how we can further impact each community we serve.
Do you want to be “In the Know” in your neighborhood? Sign up for a monthly overview of what’s happening in the zip code(s) of your choice. Neighborhood News is a great tool to stay informed about the home values and activity in your own backyard or to study a new market you may be interested in. Clickhere to sign up on my website.