by Rick Delgado
on Wednesday, February 12th, 2020 at 5:57pm.
Last year the medium household cost went up! If you are wondering how the market trends are going to be for 2020 then this article is for you! These tips can be useful if you plan on buying or selling a home this year.
Here is a list of real estate trends you should be aware:
1.) Prices on The Rise
Year after year the cost of homes are rising. In 2018 homes went up 5% and in 2019 levels rose 3.3%.This year is expected to also rise based on previous yearly trends. You will most likely see the prices go up, but not by much. One of the best things you can do if you are planning on buying is making sure you are prepared enough to cover the costs. In general the costs of homes will generally always go up every year even if it is a slow rise.
2.) Low Interest Rates
Low interest rates can be a little bit tricky! Right now interest rates have been steadily dropping for loans such as a 30-year or 15-year mortgages. For now the interest rates have been at a steady around the mid 3% rate. Although interest rates are steady, factors such as monetary policy, inflation, or economic growth can all suddenly impact low interest rates.
3.) Home Buyers
Last year approximately 37% of the population that bought homes were millennials! This can be especially interesting if you are a real estate agent and are looking for ways to appeal to a young buyer. It is known that millennials love the internet! Invest in high-grade photos and share your listings on an online space.