What national forecasts won’t tell you about next year’s housing market; real estate consultant Jim Belfiore zeroes in on local market

By Caroline Feene | Forbes

If expert predictions for the 2020 housing market come true, homeowners shouldn’t expect to enjoy the crazy price run-ups of a market boom, but they likely won’t face a devastating recession or crash, either. Outside of those two extremes, you’re going to see a lot of variance among markets and even within markets next year.

Remember that national trends are just averages of a bunch of different cities across the country. A “national” housing market doesn’t really exist — though when the Great Recession clobbered 49 of the nation’s 50 largest metros, and much of the country went through the sharp recovery that followed in relative synchrony, it sure did feel like everyone was in the same boat. 

That’s no longer the case.

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“The Phoenix housing market is set to continue its long growth run in 2020. I expect the upcoming year to bring more significant appreciation than during any year since 2013, as labor continues to keep a cap on supply and more renters flip to ownership.”

~Jim Belfiore, founder and president, Belfiore Real Estate Consulting

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