KING OF PRUSSIA, PA / ACCESSWIRE / January 16, 2020 / Real estate author and broker owner John Salkowski released his annual assessment of the housing market. Salkowski says that a number of factors are going to combine to make the residential real estate market more competitive in 2020 than in recent memory.
Salkowski says that tight housing inventory, economic and political factors and demographic challenges from the Baby Boomer and Millennial generations along with are converging. "House sellers think that if housing sales are strong and prices are growing that it will be easy to sell their homes." Says Salkowski. "But it is more important now for sellers and buyers to be educated and informed than ever before."
Housing inventories will be tight locally, especially on the more affordable end of the market, according to Salkowski. So, buyers need expert guidance to help them compete against other buyers. Expect to see as much as 25% of offers result in a bidding war. Salkowski says that this benefits people who select realtors who can help their clients move quickly and make good decisions.
John Salkowski is the author of several books on real estate and leadership. These include "SOLD! Listing to Closing: The Ultimate Home Sellers Guide." He has published several free websites, videos and online previews to educate people on preparing their home for listing and a successful sale.
Salkowski is also the owner broker of The JRS Realty Group, a fast-growing agency in suburban Philadelphia. Salkowski is known for several innovations including early adoption of internet marketing for home sellers and custom websites for home listings. Salkowski also offers a "Your Home Sold in 45 Days or Less Guaranteed or We Will Sell It For Free" guarantee to home sellers.
The JRS Realty group reported 42% growth in 2019 and Salkowski says he expects the firm to grow 75% in 2020. "We are growing much faster than the competition because The JRS Realty group uses our custom developed programs to add a lot more value to home sellers and buyers." Says Salkowski.
Salkowski says it is critical that people understand the economic and demographic factors that will influence the real estate market in 2020. Housing inventory is low, but this tightness varies by market and also differs at different price points, he warns.
Lenders will continue keeping requirements high for buyers. So, people who want to buy will need to plan and prepare ahead of time for the mortgage application process. In tight markets, buyers who can quickly get approved have an advantage. Interest rates will stay low because of unclear economic forecasts and the presidential election.
U.S. homeowners are sitting on $6.2 trillion in untapped home equity, according to real estate data and analytics firm Black Knight. Salkowski says how they use this will have a huge impact on the market. Baby Boomers have most of this equity. "I expect most of it to be spent on things other than improving the home. This could be educating children and grandkids, vacations and other consumer purchases or healthcare costs." Says Salkowski, adding "I don't expect them to put the majority of it into home improvements."
In many places, as Boomers accelerate home sales, they will find the market softer than they expect, particularly for higher priced homes. The Generation X and Millennial generations are smaller than the Baby Boomer generation and have not accumulated as much wealth as Boomers did at the same stages of life. As Boomers increasingly downsize or retire, sellers will need listing agents who can provide innovative online marketing that can reach younger buyers, warns Salkowski.
John Salkowski is also a published author and public speaker on leadership topics. Salkowski was a walk-on college football player for University of Alabama under Bill Curry. While attending The Crimson Tide, Salkowski studied and developed an interest in Criminal Justice. John went on to join the police and is a retired police officer with two different departments. He served with distinction with the Bridgeport Police Department from 1993-1997 and then the Lower Merion Township Police from 1997-2006.
Salkowski's experience as a police office inspired him to write "Leadership In The Line Of Duty: 50 Leadership Lessons for Making Split-Second Decisions from a Cop Who Has Been in Life and Death Situations." Salkowski has stayed committed to fitness as a key to overall wellness and success. He encourages people to stay active and fit. John Salkowski has competed in several athletic events including The Reebok CrossFit games.
As indicated in his "45 Day" guarantee, John Salkowski places an emphasis on being able to move quickly to get the best results. Listings that languish on the market result in worse sales for homeowners. The key is knowledge, preparation and fast and decisive action, he says. The same is true for home buyers. Salkowski advises that having top realtors on their side, means home buyers can strike quickly and decisively to get the best deals on the best listings.
Real estate expert John Salkowski warns that tough markets represent opportunity to those who educate and prepare. Salkowski stresses that value of disciplined and data driven approaches and had built proven programs for home buyers and sellers. His top advice to people is to ensure they work with professionals that have the knowledge, skills and resources to set them apart from other buyers and sellers in 2020.
SOURCE: The JRS Realty Group
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