The real estate market can ebb and flow, but generally speaking, each year can bring certain changes and trends. According to an article from Realtor.com, they anticipate a few big changes to the market for 2020. They include:
1. Affordability: It appears that we have hit the ceiling of crazy high housing prices, and people are no longer wanting or willing to overpay. People are even willing to move to different areas, cities or states to find more affordable housing.
2. More Millennials are Buying Homes: Millennials include people aged 30-39, and by the middle of 2020, will account for more than 50% of mortgages taken out in the country. It appears that a lot of the buying activity among millennials is related to family changes.
3. Low Housing Inventory: In general across the county, the supply of homes for sale is not meeting the demand of home buyers. Some contributing factors include Gen Xers and Baby Boomers are staying in their homes longer, and levels of new construction are still low in most parts of the country.
4. Buying a Home in 2020: The reality is, most buyers will face a tough search, especially those with an entry-level budget. Folks with a larger budget may have more options to choose from and less competition.
5. Selling a Home in 2020: If you're selling an entry-level home, be prepared to move out quickly! The more expensive the home, the longer one should expect to wait to for the home to sell. Of course this also varies based on your market.
To read the entire article, you can visit HERE.