Watch Patrick and Kaila to learn more.

From the December interview with Patrick Dennis and Kaila Lafferty

from the station that's on your side

this is channel 7 news good morning

Arkansas look ahead to next year and the

housing market Patrick Denis's joins us

today with bank of Little Rock mortgage

and he's going to talk about some of

those predictions for 2020 if you're

thinking well next year we may buy a

house or we may buy a new house or sell

our house all those things he can kind

of give us some guidance on what they

expect yeah well after this break we're

talking about the housing market

predictions for 2020 welcome back to

good morning Arkansas Patrick Dennis a

bank of Little Rock mortgages is here to

share predictions for the housing market

in 2020 good morning and thanks so much

for being good morning thanks for having

me again so let's start out by talking

about 2019 was that a good year for the

housing market so actually 2019 was a

pretty decent market for home buying we

had low rates we had a high demand we

had a lower supply but that creates a

strong market okay so now do you think

we'll see an increase in supply of

affordable homes when it comes to 2020

well I think last year in the beginning

of 2019 we had a high increase in luxury

homes and higher end stuff and a kind of

a limited supply as far as affordable

homes so that mid-range buyer was kind

of sitting on the fence and waiting and

about the second half when what rates

started dropping all that inventory was

snatched up in the affordable range in

the mid range kind of remained the same

now and I think it's going to go that

way into 2020 but there are certain

pockets in communities in Arkansas that

have you know affordable homes in the

rural areas and suburbs and so why do

you think that is why do you think like

why are we seeing that trend well I

think right now there's the home

builders are you know just we're

building the luxury homes and it's going

to take time for them to go and start

building a little bit more affordable

housing around the area so so that

mid-range buyer can do it so right now

rates are high to our shoes that rents

are high and rates are low

Millennials are seeing that and there

gonna be out there in full force buying

so for people looking for those luxury

homes that is good news though because

there is it is because they're there

available and they're out there and and

the market is good for it we also have

what's going to happen here in the in

2020 is the FHFA has raised the

conventional loan limits to five hundred

and ten thousand four hundred and that's

a that's good news for some of those

higher end homes as well okay do you

think demand will continue to increase

in 2020 I do and again going back to the

Millennials and their projected to be 50

percent of that market so I just think

they're gonna be out there in full force

hopefully we're gonna have a lot of

renovated homes on the market and some

affordable homes that will be built here

this coming summer and I think it's

gonna be out there a lot of people my

age Millennials in particular a lot of

us have been renting and now we're

starting to get to that age where we're

getting married wanting to settle down

have kids looking at homes is that a

trend that you're seeing so if your

rents can be 1200 yeah and you can

actually buy a home and spend 900 a

month it just makes sense and I think I

think they're really getting themselves

in tune to that they're seeing it on the

internet and and what the options are so

it just makes sense yeah

is that something that you guys are

seeing in 2020 the rental rates versus a

mortgage are they similar you seeing

mortgages being a little bit lower than

renter so it's always it or it's

normally the trend I should say that

your rent I even say your rents 1200 on

a certain home normally a mortgage did

these days with rates being this low

you're gonna spend 900 bucks yeah so

that 300 bucks you can put towards your

future makes a whole bunch of sense yeah

and then you're not gonna be paying that

money towards someone else is gonna be

going towards your own pocket your money

or few exactly why pay the landlord if

you can pay yourself so say someone

wants to they're interested in

purchasing a home in 2020 where do they

go where do they start what do they do

yeah so the first thing you want to do

is get your financial inventory in place

you want to figure out what your credit

score is you want to look at your what

are your debts how does that fit in your

debt to income ratio and the place to go

for that is to call us yeah we'll take

care of you we'll get you pre-approved

and get you really ready to go out

shop in 2020 yeah any of course you guys

have a website we do BL our mortgage com

we're on Facebook we're on Twitter and

our number at the office is two one nine

ninety one hundred is there anything

else for twenty twenty people should

really be looking out for anything you

guys are excited about for 2020 you know

I think rates are gonna remain on the

low end here so I I just think there's

gonna be a lot of opportunity going

forward and again if we're finding those

mid-range to affordable homes the market

could take off and and it could be a

buyers market could be a seller's market

could be both yeah I think that is good

especially for people my age that really

want to start settling down and finding

those homes especially in that

affordable range which is great well

thank you so much for being here with us

thank you it's an important topic as

we're you know at the end of the year

people really want to start looking at

that housing markets oh yeah awesome

yeah

well thank you so much