Updated: Feb 13, 2020
Local Snapshot of Saint Mary's County in Southern Maryland.
Southern Maryland like a lot of other cities, is experiencing a lack of housing available to purchase for their buyers. I've noticed that homes are moving more quickly than in the previous months with shorter days on the market and slightly higher values, making the task for real estate agents searching for homes for their buyers even more challenging.
2020 will be a strong housing market due to a strong job market and low mortgage rates. There will be plenty incentives for buyers, the problem will be finding homes to purchase.
With low unemployment and historically low-interest rates, the real estate industry is being dragged down by a lack of inventory, especially in Southern Maryland. In addition, not enough homes are being built, homeowners are either staying in their homes longer or choosing to rent them, creating a lack of properties for sale.
Interest rates vary day to day, however in recent weeks, the rates are fallen below 3.5 percent based on a typical term for a 30-year mortgage.
Accordingly, 2020 will prove to be a challenging year for buyers, not because of what they can afford but rather what they can find.
I have included a link to a realtor.com article covering the 2020 forecast in the real estate market.