Market Trends

When looking to buy or sell a home it is important to have current information on the real estate market. These are some real estate trends for 2020. This information can be used to help a person determine if it is the right time to buy or sell their home.

Rising Prices

Home prices are slowly rising. If a person is looking to buy now is the time. If a person is looking to sell they may want to hold on to their home for a couple more months. The prices are rising slowly so if they can hold onto their home they can see a higher profit in the upcoming months.

Interest Rates are Low

Interest rates are as low as 2.69% which is record low. This will allow a homeowner to pay less each month. If they have a low-interest rate this will decrease their bill. This will also allow more people to be approved and affordable home ownership since they will have a lower monthly payment.

Millennials are Buying Homes

Millennials are the largest group of home buyers. This is a group of people born between 1980 and 1998. They are looking for homes with modern features and they are looking into a first-time home buyer program.

No Crash

Even with the pandemic real estate experts do not see a market crash in the near future. While the prices are not increasing as fast there will be no likely market crash. The low-interest rates are motiving people to buy homes. There are not as many homes on the market so sellers can get a higher asking price.

These are some trends to look for in the real estate market for 2020. Now is the time to buy and buyers can enjoy some of the lowest interest rates on their home purchase.

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