BIRMINGHAM, Ala. (WIAT)– If you’re looking to buy or sell your home this year, 2020 may be the year to do it.
CBS 42 spoke with Jacob Cohen, a mortgage loan officer, about current trends in the housing market.
“It’s a sellers market right now,” Cohen explained.
Cohen said that according to recent trends, housing inventory is down 30 percent. With available homes for sale down, the demand for home buying still up and prices are in favor of the seller.
He also says the average number of days on the market for homes in the metro Birmingham area is at 33, which means homes are selling quickly.
“It’s all relative,” he said.
However, Cohen said not to worry that you may be over paying for a home, because it’s likely an appraiser has the home set at market value.
Cohen says the market fluctuates, and it could be a good time to look at building a home or purchasing a fixer-upper.
On the flip side, Cohen says interest rates for home buyers are low at the top of this year, and it’s a good time to lock in.
“Customers call me and ask, ‘Jacob, what do you think about interest rates, and are they going to stay low?’. In my humble opinion, they’ll stay low at least until the election,” he said.
Cohen says regardless who is elected President in 2020, interest rates will likely go up immediately after, before coming back down.
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