Real Estate Trends You Need to Know

Whether you’re buying or selling, the current coronavirus outbreak might have you wondering how real estate trends have been impacted. Here are the latest trends you need to know.

#1: Home Prices Continue to Rise Slowly. National Association of Realtors Chief Economist Lawrence Yun believes home prices will make their way up to 4% growth overall in 2020.

For sellers this means keep in mind some buyers are being priced out of the market so remain aware of your competition. For buyers this means remaining patient while focusing on your budget and “must-have” items.

#2: Mortgage Interest Rates Are Historically Low. Even prior to the pandemic, mortgage interest rates have been trending downwards. Economists believe interest rates will continue to stay low until the economy is close to normal again.

For sellers this means as interest rates continue to stay low, more buyers will be motivated to purchase your home sooner rather than later. For buyers this means more purchasing power.

#3: Millennial Home Buyers Are the Majority. According to NAR’s 2019 Profile of Home Buyers & Sellers, millennials took the lead as the largest group of home buyers at 38% and will continue to take the lead this year.

For sellers this means upgrading your online listing presence by showcasing your home’s unique perks and popular features. For buyers this means there will likely be competition so prioritize what you need in a house.

Information provided by National Association of Realtors.