It is crazy how much can happen in one decade. If we think about real estate 10 years ago, things were not in the best shape. People were doing everything they could to either keep their home or find a seller willing to purchase while buyers were trying to find financing.
The last 10 years have drastically changed the real estate world. We are seeing more affordable midsize cities become increasingly popular over the large cosmopolitans. The dominant buying force which once consisted of baby boomers has shifted to millenials.
With 2020 around the corner, here is what is being predicted for the new year of real estate.
Buyers are going to have opportunity but there is still going to be some struggles as there always has been. Competition between buyers is going to be strong, especially at an affordable price point. Single family home construction is expected to increase by 6% but it may not be enough to keep up with the demand.
On the bright side, mortgage rates are expected to stay on the lower end, hovering around 3.8%
The most important factors in real estate for the coming year is going to be affordability, location, and financing. Please contact us for more information on how we can help you buy or sell your home in the new year!
