Are you wondering what this new year has in store for buying and selling? Read on for the 2020 Real Estate outlook to learn what you may expect!
How Does the 2020 Real Estate Market Look?
- Home prices will continue to rise gradually: 2019 saw a modest rise in home prices, less than 2018 saw. About the same is expected for 2020. Home prices are expected to rise which is great news for sellers but price growth is predicted to be smaller than 2019.
- Mortgage rates are shrinking: We saw a downward trend in mortgage rates during 2019 and they are expected to stay low (at least for now). Economists are predicting that 2020 will see mortgage rates around 3.7% for 30 year loans and 3.2% for 15 year loans.
- Millennials will make up the biggest homebuyer group: Just like last year, Millennials are expected to make a huge splash on the housing market. Why does this matter? If you are planning on selling your home, it’s important to know who you’re selling to. In general, millennials take to the internet to find their dream home. It’s so important to have a good online presence when marketing your home. We provide excellent listing photos of your home that we market online, including on social media.
You may wonder why this all matters if you’re not planning on making a move this year. Here is what you should keep in mind, regardless of your Real Estate plans.
-It’s not looking like equity is going to decrease this year. It’s predicted that home prices will continue to increase over the next couple of years. This may mean that if you sell between now and 2022, all signs are pointing to a nice profit for you.
-A crash is looking unlikely. Although home price growth is slowing, the economy is doing well thanks to people spending money and job growth.