It’s that time of year—time for people to start laying out their predictions for the 2020 housing market. Most economic experts will be conservative and skeptical, steering entirely clear of being too positive about what we’ll see in the next 13 months. But why wouldn’t we look at the economic indicators and current data as hopeful and positive? And because I know what our real estate professionals are capable of, there’s no reason not to be excited about the year ahead.
No. 1 – First-Time Homebuyers: Come on In
Deterred last year by skyrocketing home prices and low inventory in many markets, first-time homebuyers stepped out of the way. But, a recent TransUnion estimate released in late October indicated that favorable economic conditions, including low unemployment and low interest rates, will send an estimated 8.31-9.2 million first-time homebuyers into the market in the next three years.
No. 2 – How Low Can You Go? Mortgage Rates Still Dropping
Because wages continue to grow at a rate higher than inflation, people are gainfully employed, making money and feeling good about it. Good enough to invest it on something like a 30-year mortgage that, according to Freddie Mac, averages 3.69 percent right now (at press time). Let’s not forget that fixed-rate mortgages in the early ’80s inched up to 19 percent and people were still buying homes. Now that’s perspective. Investors and economists alike expect interest rates to stagnate, or even decrease in 2020, which means there’s a lot more positive to come.
No. 3 – Being a Great Real Estate Pro Still Reigns Supreme
Yes, technology is amazing. It has positively impacted the real estate industry—and will continue to do so—but the game still belongs to the real estate professionals and those who work, grind, grow and build relationships. These are the pros who will continue to show the value that a committed, knowledgeable and caring person brings to a transaction. These are the people who leave an impression, benefit from referrals and impact the lives of their buyers and sellers. As real estate brokerages, we need to support these tremendous real estate professionals and give them every opportunity to succeed.
No. 4 – Your Office and Broker Should Do It All
There’s no excuse anymore for your broker sharing in your commission and not giving you what you need to knock it out of the park. You should receive the technology, support and services you need to do your job, but there’s got to be more. More money coming to you, more coaching and training, and a more dynamic office that inspires and leads you.
I encourage you to keep opening doors until you find that. You deserve nothing less.
Kuba Jewgieniew is the founder and CEO of Realty ONE Group. Realty ONE Group is ONE of the fastest-growing real estate franchisors today because it puts the agent first with the best way to make more money and do more business. We are the UNBrokerage. Find out why so many are joining and staying with this growing brand. For more information, please visit www.realtyonegroup.com.