When it comes to staying on top trends, there are few topics as important to be “in the know” about as the status of the current real estate market. This statement is true if you are looking to purchase a home in the near future, or if you are considering selling your current home in the coming months. Knowing the forecast of the real estate market can make all the difference when it comes to selling your home at the best possible, and getting you into the house of your dreams quickly and affordably. Here are a few real estate trends to watch out for in 2020.

Know Price Predictions

On average, home prices in 2020 are expected to rise 2.8% nationally, but they may increase a bit more depending on where you live. For example, if you live in the Midwest, some states are showing an increase in price of approximately 5% this year.

Understand the Inventory

Because the Baby Boomer generation are living in their homes longer, and because Generation X families are still comfortable in their current homes with growing children, this means there will be less homes on the market for you and other prospective buyers to choose from. So if you see a home that really catches your eye, be as competitive as possible with your offer.

Know the Buyer

Those born between 1981-1997, more commonly known as millennials, will soon account for more than half the mortgages in the United States, making this group more than any other generation combined. The reason behind this fascinating fact is because, in the year 2020, a vast majority of this generation will be in their 30s, a common age where people are ready to buy a home if they haven’t already. This is also an age where more people are entering into marriage and having children, two perfect excuses to purchase a new house for a growing family.

When it comes to staying on top of all of the latest and greatest real estate trends this year and every year, trust your friends and experts at Lakeshore Realty. Lakeshore Realty prides itself on providing exemplary customer services. We take every measure to ensure you are satisfied with all your real estate needs and will do whatever it takes to be worthy of your business.  To learn how Starved Rock Realty can help you buying or selling a home, visit our website or call us today at 828-456-4070.

Sources:

2020 Real Estate Outlook

Home Buying in 2020