Posted on May 14, 2020

Simon Watson , Realtor, Walnut Creek

What Home Buyers and Sellers Can Expect in 2020

May 14, 2020 – Oct 29, 2020
There are so many ways in which 2020 is not turning out the way most Americans expected. In terms of real estate, we were hurtling toward a busy spring season. All the economic indicators looked strong, boosting buyers to battle it out for a limited supply of homes. But then the coronavirus pandemic swept across the nation, upending those expectations and forcing us to reassess the year ahead.

Home sales have fallen and real estate listings dissipated as the COVID-19 pandemic made many buyers and sellers think twice about buying, selling, and potentially even moving with a deadly and highly contagious virus on the loose. But home sales will rebound in the late summer and fall, driven by millennials eager to own a home of their own, according to a revised forecast for 2020 by realtor.com®'s economists.

Markets in smaller, more affordable cities and surrounding suburbs could be particularly brisk as folks reevaluate the appeal of big-city life during a pandemic. But realtor.com also predicts the housing market will experience a second round of pain in the form of another downturn toward the end of the year.
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